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China’s labour market is showing signs of resilience providing evidence of a stabilising economy, according to the Wall Street Journal (WSJ). One of the major indicators is the number of new job opportunities posted in July on Zhaopin.com, one of the country’s largest recruitment websites, up +53% compared with a year ago and the second largest increase in the site’s history.
The expansion of Zhaopin’s business, and the recruitment sector’s shift online, means that the rapid growth in job advertisements on the site has been well established. July’s increase, however, beat the 45% monthly average for the period since January 2011, signalling strengthening hiring intentions.
Employment is a key metric for China’s leaders as they consider whether further steps are required to support the economy, according to the WSJ. Premier Li Kegiang commented in July, “As long as the economic growth rate, employment, and other indicators don’t slip below our lower limit, and inflation doesn’t exceed out upper limit, we will focus on restructuring and pushing reforms.”
The improvement in Zhaopin’s job advertisement growth comes after reports that the company experienced a -6% drop in recruitment growth during the first half of the year, compared with a year ago. ManpowerGroup’s Employment Outlook Survey for the third quarter of the year expressed pessimism, predicting a -5% fall in employment during Q3 2013 compared with the same period last year.