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Financial News: Hong Kong Jobless Rate Steady In August

Hong Kong Jobless Rate Steady In August

09/17/2020 - 08:20:00 (RTTNews)

(RTTNews) - Hong Kong's jobless rate remained stable in the June to August period, data from the Census and Statistics Department showed on Thursday.

The jobless rate remained unchanged at 6.1 percent during the June to August. Economists had forecast a 6.3 percent rate.

The underemployment rate rose to 3.8 percent during June to August from 3.5 percent in May-July.

The number of unemployed persons increased by 5,800 to 248,300 during June-August from 242,500 in the preceding period.

Employment rose by 3,400 to 3.64 million in the three month ended in August from 3.637 million in the previous month.

"The labor market remained austere in June - August 2020 as the third wave of local epidemic in July and August had continued to disrupt a wide range of economic activities, notwithstanding that the Employment Support Scheme had continued to provide support," the Secretary for Labor and Welfare Law Chi-kwong said.

Analyzed by sector, the unemployment rate of the consumption- and tourism-related sectors includes retail, accommodation and food services sectors, combined edged up to 10.9 percent in June-August, the highest since the onslaught of SARS, while the underemployment rate surged, the official said.

"The government has rolled out relief measures of unprecedented scale, including a series of measures on job retention and job creation, which help keep workers in employment," Law said.

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