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Financial News: Hong Kong Jobless Rate Declines In October

Hong Kong Jobless Rate Declines In October

11/17/2022 - 05:15:00 (RTTNews)

(RTTNews) - Hong Kong's unemployment and underemployment decreased marginally in the August to October period, the labor force statistics from the Census and Statistics Department showed on Thursday.

The unemployment rate fell to a seasonally adjusted 3.8 percent in the August to October period from 3.9 percent in the June to August period.

The underemployment rate also declined in the three months ended October, to 1.7 percent from 1.8 percent during the June-August period.

The number of unemployed people decreased by 7,900 to 147,400 during the August-October period. Over the same period, the number of underemployed persons fell by 5,600 to 63,400.

The unemployment rate decreased most in the sectors of decoration, repair, and maintenance of buildings, retail sector, and food and beverage, the statistical office said.

At the same time, total employment increased by around 19,700 people to 3.648 million during the August-October period.

"The short-term outlook for the labour market will depend on the performance of domestic economic activities," the Secretary for Labor and Welfare Chris Sun said.

"The tightened financial conditions will continue to constrain demand."

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