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Saturday, Feb 22, 2025
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Hong Kong's unemployment rate drops to 3.8pc despite tightened financial conditions
Hong Kong's latest unemployment rate dropped slightly to 3.8 percent, with about 147,000 people remaining jobless, as the labor minister pointed out that tightened financial conditions will continue to constrain demand.
According to data released by the Statistics Department Thursday, the city's seasonally adjusted unemployment rate between August and October declined by 0.1 percent to 3.8 percent compared to the previous three-month period.
For the unemployment rate, more distinct decreases were observed in the decoration, repair, and maintenance of buildings sector, retail sector, and food and beverage service sector.
The Secretary for Labor and Welfare, Chris Sun Yuk-han, said, “The short-term outlook for the labor market will depend on the performance of domestic economic activities. The tightened financial conditions will continue to constrain demand.”
Still, Sun noted that economic activities coupled with the help of consumption vouchers should gradually return to normal as long as the pandemic remains under control and Covid rules are suitably relaxed.
The underemployment rate between August and October also fell by 0.1 percent to 1.7 percent.
Between August and October, total employment increased by around 19,700 to 3.65 million, and the labor force climbed by around 11,800 to 3.8 million.
During the same period, the number of unemployed citizens decreased by around 7,900 to 147,400, and the number of underemployed citizens dropped by around 5,600 to 63,400.
For the unemployment rate, more distinct decreases were observed in the decoration, repair, and maintenance of buildings sector, retail sector, and food and beverage service sector.
The Secretary for Labor and Welfare, Chris Sun Yuk-han, said, “The short-term outlook for the labor market will depend on the performance of domestic economic activities. The tightened financial conditions will continue to constrain demand.”
Still, Sun noted that economic activities coupled with the help of consumption vouchers should gradually return to normal as long as the pandemic remains under control and Covid rules are suitably relaxed.
The underemployment rate between August and October also fell by 0.1 percent to 1.7 percent.
Between August and October, total employment increased by around 19,700 to 3.65 million, and the labor force climbed by around 11,800 to 3.8 million.
During the same period, the number of unemployed citizens decreased by around 7,900 to 147,400, and the number of underemployed citizens dropped by around 5,600 to 63,400.
