The unemployment rate in Hong Kong rose last quarter, consumer and tourism industry unemployment rate 11.7% is the highest since SARS

Financial News

Written by: Zhang Weilun

2020-10-20 17:28

Last update date: 2020-10-20 17:28

The government announced that the unemployment rate from July to September this year was 6.4%, an increase of 0.3 percentage points from the 6.1% in June to August, and the underemployment rate remained at 3.8%.

Unemployment rates in individual industries have risen significantly. Among them, the unemployment rate in the catering service activity industry and the underemployment rate are as high as 15.2% and 9.5% respectively; the unemployment rate in consumer and tourism-related industries (ie, retail, accommodation and catering services) is 11.7%, which is lower than In addition to a sharp increase of 0.8 percentage points from June to August, the unemployment rate in this industry is the highest since SARS.

During the period from July to September this year, the unemployment rate and underemployment rate of the construction industry remained high, at 10.9% and 8.3% respectively.

The government pointed out that from July to September this year, unemployment rates in most major economic sectors increased. Among them, retail, accommodation and catering services, and arts, entertainment and recreational activities rose relatively significantly.

In terms of underemployment rates, the transportation and education industries declined, but the catering service activities, entertainment and recreational activities increased.

The Secretary for Labour and Welfare, Law Chi-kwong, said that under the third wave of local epidemics, especially in July and August, the labor market deteriorated in the third quarter of this year. However, as the local epidemic subsided in September, the labor market became more intense. The pressure on the right shows signs of stabilization at the end of the season.

At the same time, the "Ensure Employment" program continues to provide support.

The seasonally adjusted unemployment rate from July to September 2020 increased by 0.3 percentage points from June to August 2020 to 6.4%, which was a high in nearly 16 years, and the underemployment rate remained at 3.8%.

The year-on-year decline in total employment expanded to 5.8%, and the year-on-year decline in the labor force remained at 2.1%.

Looking ahead, Luo Zhiguang said that as the overall economic situation is still weak and the global epidemic is still changing, the labor market will still face pressure in the short term.

The government has launched the largest relief measures in history, including a series of measures to protect employment and create jobs to help protect employees' employment.

The government will continue to monitor the situation closely.

Unemployment rate Hong Kong economy