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Financial News: Hong Kong Jobless Rate Falls To 3.5%

Hong Kong Jobless Rate Falls To 3.5%

01/19/2023 - 06:56:00 (RTTNews)

(RTTNews) - Hong Kong's unemployment rate decreased for the eighth month in a row in December, the labor force statistics from the Census and Statistics Department showed on Thursday.

The seasonally adjusted unemployment rate fell to 3.5 percent in the October to December period from 3.7 percent in the September to November period.

The underemployment rate fell marginally to 1.5 percent in the three months to December from 1.6 percent in the preceding period.

The number of unemployed decreased by around 12,700 to 126,000. Meanwhile, total employment rose by around 8,300 to 3.67 million in October to December period.

"The labor market should continue to improve in the near term," the Secretary for Labor and Welfare Chris Sun said.

"With most social distancing measures removed by the Government and normal travel between Hong Kong and the Mainland gradually resumed, domestic economic activities are likely to show a more visible revival, lending further support to the labor market."

The official cautioned that the <a href=https://www.rttnews.com/3332100/hong-kong-central-bank-hikes-rate-by-50-bps.aspx target=_blank >tightened financial conditions</a> may partly offset the positive effects.

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