Chinas Labor Market Dynamics under Covid-19 Pandemic: Youth, Adult, and Overall

Abstract

At the end of 2019, COVID-19 suddenly emerged in various countries around the world. Its rampant global spread has resulted in immeasurable loss and effect for most nationalities and citizens. Unfortunately, the indeterminacy elements of economic development and environment increased dramatically especially in China caused by the pandemic situation, the depression of economy further highlighted contradiction of the employment structure. Citizens of different ages faced divergent challenges like staff reduction, great competitive pressure of obtaining occupation, and so on. As a consequence, diverse elevation of unemployment rate occurred in all citizens, youths, and adults respectively. In this article, three divergent unemployment rates for overall citizens, youths, and adults respectively are selected and the data from January 2018 to October 2022 are extracted. This research applies ARIMA Model to structure and analyze data in order to study the scope of addition and subtraction of three separate unemployment rates on account of serious pandemic. Meanwhile, based on the prediction of future trend of Chinas unemployment rates from January 2022 to October 2022 and contrasting it with the actual data, it can be seen obviously that over unemployment rate increases dramatically as a result of pandemic, and the most heavily affected part is one in young citizens. Finally, this paper furnishes referential recommendations for pandemic policy in economic progress and employment aspects.