Recent data from China’s labour market corroborate evidence elsewhere that the economy has slowed since the start of 2015 but that it has avoided the collapse that many had feared. Migrant wage growth continues to decelerate but remained relatively high at 7% y/y in Q2. Meanwhile, figures collected by local labour bureaus show that the ratio of job openings to job seekers declined further last quarter too and is well down from its level in late-2014. Nonetheless, there are still more jobs available than there are people looking for work.
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