Many Chinese college graduates idle

BEIJING, July 9 (UPI) -- Chinese colleges expect to graduate 6.1 million students this year but the global economic slowdown has sharply reduced their job prospects, officials said.

The Education Ministry said about a third of those graduating this year had yet to line up jobs, about the same ratio as last year, China Daily reported Friday. However, the report said figures from an independent consulting firm on higher education gave a grimmer picture of the job situation.

The MyCOS HR Digital Information Co. said last month 58 percent of would-be graduates had not signed job contracts as of the end of June and another 2 percent had their contracts canceled. The agency said 86 percent of college graduates last year found jobs within six months after graduating.

China Daily quoted some education experts as saying it was too early to discuss the employment rate of new graduates, with the right time being six to 12 months after graduation.

One study said private companies have become the largest employers, hiring 42 percent of college grads.

The current financial downturn has caused a graduate's average monthly salary to decline to 1,995 yuan ($292) in June from 2,484 yuan ($364) in January, the report said. Beijing and Shanghai offered the highest monthly salaries, averaging about 2,400 yuan ($351).