Labor market shrinks slightly
China’s labor market shrank slightly in the second quarter, as the wider economy continued to stabilize and recover, according to a report that predicted jobs would rebound slowly through December.
The report, jointly released by online recruiter Zhaopin and the China Institute for Employment Research, uses an index developed by the institute to monitor the trend of the labor market. The smaller the CIER Index is, the more competitors there are for job vacancies and the more intensive the labor market is.
Reaching 2.46 in the first quarter — its highest point since 2011 — the index saw a slight decrease to 2.03 in the second quarter. The report attributed the decrease to the macroeconomy.
Financial and Internet industries topped the list with strong demand for workers based on the CIER Index, while the traditional service sector and manufacturing industry have more job applicants than job vacancies.