Hong Kong's unemployment rate in December reported at 3.3% Unemployment rate in retail and other industries remained at 5.2%

Financial news

Written by: Zhang Weilun

2020-01-20 16:36

The employment market in Hong Kong has weakened. The government announced that the unemployment rate from October to December was 3.3%, the highest since March 2017, and an increase of 0.1 percentage point from September to November. The underemployment rate remained at 1.2%.

The government pointed out that during the period from October to December last year, the unemployment rate in various industries did not change, including building renovation, repair and maintenance.

As for the underemployment rate, the manufacturing sector fell, but the catering service activities sector rose.

Total employment decreased by 12,000 to 3.817 million; total labor force decreased by 14,200 to 3.942 million.

Government expects labor to be short-term

The Secretary for Labour and Welfare, Mr Law Chi-kwong, said: "The labor market has slowed further as the economic situation remains weak. The seasonally adjusted unemployment rate increased by 0.1 percentage point to 3.3% from October to December 2019. The underemployment rate remained at 1.2%. The year-on-year decline in total employment further expanded. "

"Businesses in the consumer and tourism-related industries (i.e. retail, accommodation and catering services) remain sluggish. The combined unemployment rate in these industries has remained at 5.2%, the highest level in three years. The increase in the underemployment rate among those engaged in catering services has been particularly pronounced. Employment in these industries continues to record sharp year-on-year decreases. At the same time, unemployment in the construction industry (especially among those engaged in building decoration, repair and maintenance) The rate is significantly worse than the previous period. "

Looking ahead, Luo Zhiguang said: "If the overall economy continues to weaken, the labor market will face greater pressure in the short term. The government will closely monitor the development."

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