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Financial News: Hong Kong Unemployment Rate Unchanged For Fourth Month

Hong Kong Unemployment Rate Unchanged For Fourth Month

09/18/2018 - 04:43:00 (RTTNews)

(RTTNews) - Hong Kong's unemployment rate held steady for a fourth straight month in the three months to August, preliminary data from the Census and Statistics Department showed Tuesday.

The seasonally adjusted jobless rate was 2.8 percent in the June to August period. The figure has been at that level since the quarter to April.

Economists had expected the unemployment rate to remain unchanged.

Employment grew by around 9,700 persons to 3.88 million.

On an unadjusted basis, the number of unemployed rose by around 2,700 persons to 117,400 persons in the June to August period.

The unadjusted jobless rate was 2.9 percent, unchanged from the previous three-month period.

The government expects the labor market conditions to remain favorable in the near term, but will stay vigilant regarding the impact of external factors on the domestic market in future, the Secretary for Labour and Welfare Law Chi-kwong said.

"On a year-on-year comparison to net out seasonal fluctuations, most major service sectors showed improvement in the unemployment situation," Law said.

"In particular, unemployment rates in the information and communications, accommodation services, as well as retail sectors recorded visible declines."

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