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Financial News: Hong Kong Jobless Rate Rises In November

Hong Kong Jobless Rate Rises In November

12/17/2019 - 06:24:00 (RTTNews)

(RTTNews) - Hong Kong's jobless rate rose marginally during the September to November period, data from the Census and Statistics Department showed on Tuesday.

The unemployment rate rose to a seasonally adjusted 3.2 percent during September to November period from 3.1 percent during the three-month period ended in October.

The number of unemployed persons was 125,400 during the September to November period, the same as seen in the previous three-months period.

The number of employed persons declined by 13,200 persons to 3.830 billion during the September to November period.

"The labor market eased further as economic conditions continued to worsen," the Secretary for Labor and Welfare Law Chi-kwong said.

Widespread sociopolitical unrest caused the unemployment rate of the consumption- and tourism-related segment that include retail, accommodation and food services sectors to climb further to a three-year high of 5.2 percent, the official said.

The jobless rate for the food and beverage service activities sector increased to 6.2 percent, the highest level in more than eight years.

"The labor market will be under even more pressure in the near term if the overall economy continues to weaken," Law added.

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