Hong Kong's unemployment rate rises to 3.4%

Financial news

Written by: Yue Yueting

2020-02-18 16:51

The Census and Statistics Department announced that during the period from November last year to January this year, the unemployment rate in Hong Kong was 3.4%, an increase of 0.1 percentage point from 3.3% in October to December last year. The underemployment rate remained at 1.2%.

The total number of employed persons decreased from 3.8178 million to 3.8032 million, a decrease of about 14,600, which was a year-on-year decrease of 1.8%, the largest decline since the third quarter of 2003.

Consumption and tourism unemployment rate stays at 5.2%

The Secretary for Labour and Welfare, Mr Law Chi-kwong, stated that the unemployment rate in the consumer and tourism-related industries (ie retail, accommodation and catering services) remained at 5.2%, the highest level in more than three years. Close to the highest level in 6 years.

Luo Zhiguang pointed out that the number of employed people has fallen sharply and the unemployment rate has risen moderately, indicating that some people may have left the labor market when they lost their jobs. The recent outbreak of the new coronavirus has disrupted many economic activities, especially those related to consumption and tourism, and the labor market will be under greater pressure in the short term. The Government will closely monitor the development.

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