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Financial News: Hong Kong Unemployment Rate Decline In November

Hong Kong Unemployment Rate Decline In November

12/17/2020 - 05:55:00 (RTTNews)

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

The jobless rate declined to 6.3 percent during the September to November from 6.4 percent during the August to October period.

The underemployment rate decreased to 3.4 percent during September-November from 3.8 percent in three months ended in October.

The number of unemployed persons decreased by 13,500 to 244,300 during September-November from 257,800 in the preceding period.

Employment rose by 22,400 to 3.650 million in the three months ended November from 3.627 million in the previous period.

"Labor market conditions remained weak in September - November 2020, though showing some marginal improvement amid the stabilization of the third wave of local epidemic during the period," the Secretary for Labor and Welfare Law Chi-kwong said.

Among the sectors, the unemployment rate of the consumption- and tourism-related sectors, retail, accommodation and food services sectors, food and beverage service activities declined during the September-November period, while an improvement was seen particularly in the education sector and the arts, entertainment and recreation sector, the official said.

The pressure on the labor market increased in the near term due to the fourth wave of local pandemic, Law said.

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