China’s economy has not been recovering as fast as hoped for after the zero-COVID policy ended, partly due to a lack of confidence.
“We don’t quite know what we’re doing these days,” said one economist.
There is a longstanding debate about whether the data is accurate. Some are skeptical of government officials’ projections of 5% growth.
While China’s most high-profile executives express unflagging optimism on TV, for small business owners, the picture is more complicated.
After a spectacular rally in markets, is this the end of the road for the bear market or a detour?
“The Black workforce is the canary in the coal mine,” said Howard University’s Bill Spriggs. “They’re already suffering.”
It’s unlikely a crash in employment would prompt a recession. In spite of a slowdown in job creation, the job market remains relatively strong.
Those same workers have seen their wages grow faster than the overall average in the last year thanks to the labor shortage.
About 3.5 million more people were working or looking for work in May than a year earlier. Economists hope the number keeps rising.
There are almost two job openings for every unemployed person.
