Chinese Wages See Steepest Drop Since 2016 Amid Gloomy Economic Outlook
• Wages offered to Chinese workers in major cities dropped by the most on record in Q4 2023, underscoring deflationary pressures and weak consumer confidence
• Average salaries fell 1.3% to 10,420 yuan, the worst drop since at least 2016 and the third straight quarter of declines
• Salaries decreased in Beijing (-2.7%) and Guangzhou (-4.5%) amid widespread salary cuts across sectors in 2022
• Gloomy job market outlook weighs on growth and property market as households delay spending and home purchases
• Consumer confidence remains around historical lows as of November 2022, reflecting poor income, employment, and spending sentiment