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Financial News: Hong Kong Jobless Rate Falls In July

Hong Kong Jobless Rate Falls In July

08/19/2020 - 07:13:00 (RTTNews)

(RTTNews) - Hong Kong's jobless rate fell marginally during the May to July period, data from the Census and Statistics Department showed on Wednesday.

The jobless rate decreased to 6.1 percent during May to July period from 6.2 percent during the April-June period.

The underemployment rate fell to 3.5 percent during May-July period from 3.7 percent in April-June.

The number of unemployed persons increased by 1,800 to 242,500 during May-July from 240,700 in the preceding period.

The employment rose by 16,600 to 3.637 million in the three month ended in July from 3.620 million in the previous month.

"The labour market remained austere in May - July 2020, but showed some improvement over April - June as the local epidemic situation was largely under control in May and June," the Secretary for Labor and Welfare Law Chi-kwong said.

"The launch of the Employment Support Scheme has also provided support," Law added.

The unemployment rate of the consumption- and tourism-related sectors that includes retail, accommodation and food services sectors, combined edged up to 10.8 percent in May - July 2020, the highest since the onslaught of SARS, but the underemployment rate eased further, the official said.

The government expects the labor market to remain under significant pressure in the near term.

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