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October 14, 2009

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City job market recovering from financial crisis

THE city's job market is recovering from the global economic downturn with the number of jobs created at the same level as before the crisis, the Shanghai Human Resources and Social Security Bureau said yesterday.

The number of jobs available in the city's human resources market exceeded 120,000 in August, almost the same as last October when the financial crisis began to affect the job market in Shanghai.

Of these, the number of new jobs reached 40,000. Though still 20.43 percent fewer new jobs were created compared with last year, the figure was much lower than February's 72.9 percent rate of decline over the previous year.

"Since the economy is getting better in the city and the government has launched a series of jobs-boosting measures, the job market is stepping out of the downturn and getting better," said Li Ying, of the department of promoting employment in the Shanghai Human Resources and Social Security Bureau.

However, the bureau didn't release figures for the unemployment rate.

Shanghai reported a registered unemployment rate of 4.3 percent last year. Local authorities pledged to create 500,000 job positions this year, with an unemployment rate controlled at about 4.5 percent.

From January to August, the city created 466,800 new jobs, helped 11,370 business startups, and provided vocational training to 105,300 people after a series of job stimulus efforts was launched at the beginning of this year.

The stimulus packages featured preferential policies for business startups, vocational training and internship plans for fresh graduates.


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