Alibaba Group Holding Ltd (NYSE:BABA) shares are trading lower Monday after the Chinese government warned of a complicated job situation amid COVID-19 restrictions.
Chinese Premier Li Keqiang referred to China's unemployment situation as "complex and grave" in a statement released over the weekend after data showed the country's unemployment rate climbed to 5.8% in March. China's jobless rate has risen to the highest levels in two years amid ongoing COVID-19 outbreaks.
“Stabilizing employment matters to people’s livelihoods and is a key support for the economy to operate within a reasonable range,” Li said in the statement.
Both Shanghai and Beijing increased restrictions on their residents over the weekend. At least 31 Chinese cities are currently under full or partial lockdowns. Li has urged businesses to resume operations with appropriate COVID-19 measures in place.
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BABA 52-Week Range: $73.28 - $230.89
The stock was down 3.78% at $86.85 at time of publication.
Photo: courtesy of Alibaba.
