Heard on the Street: An apparent recovery from the coronavirus shutdowns is allowing China to project strength, but it isn’t quite what it seems
China’s economy was first out of the gate after coronavirus lockdowns, which might be one reason for Beijing’s recent tough diplomatic stance. But a closer look at the nation’s labor market raises some questions over that progress.
China’s urban unemployment survey showed just 6% of respondents out of work in April, against nearly 15% in the U.S. But most economists don’t believe these two measures are directly comparable, in part because China’s measure misses migrant workers who return to rural areas during downturns.
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