Hong Kong's unemployment rate drops

0 Comment(s)Print E-mail Xinhua, November 18, 2022
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The seasonally adjusted unemployment rate of Hong Kong decreased from 3.9 percent in the July-September period to 3.8 percent in the August-October period, official data showed Thursday.

The underemployment rate also fell from 1.8 percent to 1.7 percent by October, according to the Census and Statistics Department of the Hong Kong Special Administrative Region (HKSAR) government.

The number of unemployed persons (not seasonally adjusted) decreased by around 7,900 from 155,300 in July-September period to 147,400 in the August-October period.

Comparing the August-October period with the July-September period, many major economic sectors saw a fall in the unemployment rate.

For the unemployment rate, more distinct decreases were observed in the decoration, repair and maintenance for buildings sector, retail sector, and food and beverage service activities sector.

Chris Sun, secretary for labor and welfare of the HKSAR government, said the labor market continued to improve alongside the revival of domestic economic activities.

Noting that the tightened financial conditions will continue to constrain demand, he said that nonetheless, as long as the epidemic remains under control, economic activities should gradually return to normal.

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