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New crown pneumonia│Zhang Jianzong: The economy faces abnormally high uncertainty and short-term unemployment is still high

2020-08-16T02:31:00.749Z

Last Friday (August 14), the government released revised figures for the second quarter of this year’s GDP and the latest economic forecast. The government lowered its forecast for this year’s economic contraction from 4% to 7% to 6% to 8%. According to Chief Secretary for Administration Zhang Jianzong, he is particularly concerned about the latest situation in the local labor market. Regarding unemployment data from May to July to be released this Wednesday (August 19), he pointed out that the current economic outlook is facing extremely high With uncertainty, the labor market is facing greater pressure again, and it is believed that the unemployment rate will remain high in the short term.



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Author: Du Jiexin

2020-08-16 10:10

Last update date: 2020-08-16 10:17

Last Friday (August 14), the government released revised figures for the second quarter of this year’s GDP and the latest economic forecast. The government lowered its forecast for this year’s economic contraction from 4% to 7% to 6% to 8%. According to Chief Secretary for Administration Zhang Jianzong, he is particularly concerned about the latest situation in the local labor market. Regarding unemployment data from May to July to be released this Wednesday (August 19), he pointed out that the current economic outlook is facing extremely high With uncertainty, the labor market is facing greater pressure again, and it is believed that the unemployment rate will remain high in the short term.

Zhang Jianzong said in his blog today (16th) that based on a preliminary analysis of age, industry and technical class, there is a significant gap in unemployment among young people with different education levels and technical abilities. Unemployment in industries related to consumption, tourism, and construction also More serious.

Unemployment rates for persons aged 15-24 and 25-29 respectively rose to 14.6%, a 10-year high; and 7.8% was also the highest on record; as for persons aged 50 to 59 and persons aged 60 and above The unemployment rate rose to 6.8% and 5.9% respectively, both the highest in about 15 years.

As for consumer and tourism-related industries, namely retail, accommodation and catering services, the total unemployment rate of the industries rose to 10.7%, the highest level since August to October 2003 after being hit hard by SARS; the unemployment rate of catering services activities industry It is as high as 14.7%, which is close to the high after SARS; and the unemployment rate in the construction industry has risen to 11.2%, which is also close to an 11-year high.

(Picture of Zhang Jianzong's Blog)

He pointed out that the economy has fallen into recession in the past year, a large number of jobs have been lost, and many incumbents are faced with reduced working hours, are required to take unpaid leave, and even pay cuts. Various circumstances have affected the income of the family; The median monthly household income fell sharply by 10.2% year-on-year in the second quarter, the largest drop in 17 years. He pointed out that considering the recent deterioration of the labor market, it is more concentrated in the lower-skilled or lower-educated class, so the current economic downturn will have a greater impact on grassroots families.

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Zhang Jianzong pointed out that the government cannot rely on the government alone to provide employment opportunities. The huge private market is more important. The government has adopted various measures to provide support to enterprises and individuals, such as providing subsidies to enterprises under the "Employment Guarantee Program", in an effort to make the economy recover as soon as possible. , Hong Kong restarted.

Unemployment rate Zhang Jianzong

Source: hk1

All news articles on 2020-08-16

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