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Financial News: Hong Kong Unemployment Rate Eases Further

Hong Kong Unemployment Rate Eases Further

11/16/2021 - 05:37:00 (RTTNews)

(RTTNews) - Hong Kong's jobless rate fell for an eighth month in a row in October to its lowest level since March last year, preliminary data from the Census and Statistics Department showed Tuesday.

The seasonally adjusted jobless rate dropped to 4.3 percent in the August to October period from 4.5 percent in the July to September period. The rate has been dropping since reaching a peak of 7.2 percent in February.

The jobless rate was 6.3 percent in the same period last year.

The latest rate was the lowest since the start of 2020, when it was 4.2 percent, which is before the coronavirus pandemic broke out worldwide.

The underemployment rate fell to 1.9 percent in October from 2.1 percent in September.

Total employment increased by around 8, 500 persons to 3.67 million. The number of unemployed persons decreased by around 8,800 to 171,800 persons.

Joblessness decreased in sectors such as food and beverages, decoration, repair and maintenance for buildings sector and the arts, entertainment and recreation.

"The labor market should continue to improve, but the extent of improvement would depend on the pace of economic recovery," Secretary for Labor and Welfare Law Chi-kwong said.

"The stable local epidemic situation and the Consumption Voucher Scheme should continue to render support to the consumption-related activities in the near term."

The official expressed concern over the almost frozen inbound tourism and urged the public to remain vigilant against coronavirus.

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