Chinese Searches for ‘Layoff Compensation’ at Highest Since 2011
Chinese people are increasingly worried about their jobs as the coronavirus outbreak forces businesses to shut down across the country and depletes revenues, a private gauge showed.
Searches for “layoff compensation standard” on Baidu.com, China’s largest search engine, started rising since January and have reached their highest level since 2011, according to data compiled by Baidu Inc. The jump highlights public concern about a deteriorating employment outlook, as production remains disrupted in many sectors weeks after quarantine measures were first applied.
Anxiety is especially evident in coastal economic powerhouses such as Guangdong, Shanghai and Beijing. In Sichuan, a traditional labor outsourcing province in west China, as well as in Hubei -- epicenter of the virus -- people also are looking for information on compensation for job cuts, Baidu data showed.
The earliest official data on China’s employment situation is due Saturday, when a sub-index of the manufacturing purchasing managers’ gauge is published. Policy makers have pledged measures -- ranging from reduced social security premiums to expanded enrollment for post-graduate study -- to help stabilize employment.
©2020 Bloomberg L.P.