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Financial News: Hong Kong Jobless Rate Jumps To 5.9%

Hong Kong Jobless Rate Jumps To 5.9%

06/16/2020 - 09:36:00 (RTTNews)

(RTTNews) - Hong Kong's jobless rate rose sharply during the March to May period to the highest level in over fifteen years, data from the Census and Statistics Department showed on Tuesday.

The jobless rate increased to 5.9 percent during the March to May period from 5.2 percent during February to April.

The latest unemployment rate was the highest in over 15 years and surpassed the peak of 5.5 percent logged during the global financial crisis of 2008-09.

The underemployment rate climbed to 3.5 percent in March-May from 3.1 percent in February-April. That was the highest in nearly 17 years.

The number of unemployed persons increased to 230,400 during the three months ended May from 202,500 in the preceding period.

The employment declined by around 37,900 persons to 3.619 million during the March to May period.

"The labor market showed further deterioration in March - May 2020 as a wide range of economic activities stayed in the doldrums," the Secretary for Labor and Welfare Law Chi-kwong said.

"While the local epidemic situation has abated, it will take time for local economic activities to return to normal...the labor market will still face pressure in the near term, yet the pace of deterioration may decelerate."

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