Financial News: Hong Kong Jobless Rate Falls To 3.0%

Hong Kong Jobless Rate Falls To 3.0%

05/18/2023 - 07:00:00 (RTTNews)

(RTTNews) - Hong Kong's unemployment rate decreased further to the lowest level in three-and-a-half years as the labor market strengthened on the back of revived domestic economic activities and a strong rebound in visitor arrivals, the labor force statistics from the Census and Statistics Department showed on Thursday.

The seasonally adjusted unemployment rate fell slightly to 3.0 percent in the February-April period from 3.1 percent in the January-March period.

Further, this was the lowest unemployment rate since the August to October period in 2019, when it was also 3.0 percent.

Meanwhile, the underemployment rate remained stable at 1.2 percent in the February-April period.

On an unadjustd basis, the number of unemployed decreased by around 700 to 114,400.

Considering major economic sectors, more distinct decreases were observed in the decoration, repair, and maintenance for buildings sector; transportation sector; and warehousing and support activities for transportation sector, the agency said.

Data showed that total employment increased by around 1,800 to 3.66 million in the February-April period.

"The labor market should improve further in the coming months alongside the ongoing economic recovery," Secretary for Labor and Welfare Chris Sun said.

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