So it is with some interest that I read this about China:
Sixty percent of Chinese college leavers looking for work in the final half of 2006 will be unable to find a job, a government report has revealed.
China is expected to face serious employment difficulties during this period, according to a report published by the National Development and Reform Commission, the official Xinhua news agency said Sunday.
The number of graduates will increase by 22 percent over the previous year to reach 4.13 million while the job market can only soak up 1.66 million new graduates, down 22 percent on the previous year, the report said.
Ignore the quote placing part of the blame on the tiny adjustment of the Chinese currency against the dollar. That's just a bureaucrat covering his acceptable bases.
The important question is just what will those unemployed college grads think about in their spare time?
Oh, and over a trillion dollars in bad loans in the Chinese economy probably won't increase employment opportunities any time soon. (Tip to Instpaundit)
Sucks to be a communist oligarch in Peking these days, I'd say. Screwing the people like an old-time capitalists yet screwing up their economy like proper communists.
Added to the tens of millions of rural people and the idled laborers who can't find work, and we have a situation that Peking cannot be happy about.
