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Financial News: Hong Kong Jobless Rate Increases In February

Hong Kong Jobless Rate Increases In February

03/16/2021 - 05:55:00 (RTTNews)

(RTTNews) - Hong Kong's unemployment rate rose in February, the labor force statistics from the Census and Statistics Department showed on Tuesday.

The unemployment rate rose to a seasonally adjusted 7.2 percent in three months to February from 7.0 percent in three months to January

The underemployment rate increased to 4.0 percent from 3.8 percent in the preceding period.

The number of unemployed persons increased by around 8,300 to 261,600 in December to February. Over the same period, the number of underemployed persons also increased by around 6,400 to 154,600.

Meanwhile, total employment decreased about 20,500 to 3.61 million in three months to February.

"Analyzed by sector, the unemployment rate of the consumption- and tourism-related sectors viz. retail, accommodation and food services sectors combined stayed elevated at 11.1 percent in December 2020 - February 2021, but it was 0.2 percentage point lower than November 2020 - January 2021," the Secretary for Labor and Welfare, Dr Law Chi-kwong, said.

"With the launch of the COVID-19 Vaccination Program, the threat of the epidemic may gradually recede and this will help ease the pressure on the labor market later in the year," Law said.

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