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Financial News: Hong Kong Jobless Rate Declines In May

Hong Kong Jobless Rate Declines In May

06/17/2022 - 06:45:00 (RTTNews)

(RTTNews) - Hong Kong's unemployment and underemployment declined in March to May period, the labor force statistics from the Census and Statistics Department showed on Friday.

The unemployment rate fell to a seasonally adjusted 5.1 percent during March-May period from 5.4 percent during February to April period.

The underemployment rate decreased to 3.5 percent in the three months ended May from 3.8 percent during February-April period.

The number of unemployed persons fell by 14,700 to 191,400 during March-May period. Over the same period, the number of underemployed persons declined by 11,600 to 130,400.

The total employment decreased by around 5,400 persons to 3.559 million during the three months ended May.

"The unemployment and underemployment situation improved in March - May 2022 alongside the moderated local epidemic and the gradual relaxation of social distancing measures in the latter part of the period," the Secretary for Labor and Welfare, Law Chi-kwong, said.

Looking ahead, provided that the local epidemic remains under control, domestic economic activities and thus labor market conditions should continue to improve in the coming months, the secretary added.

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