Financial News
Written by: Zhang Weilun
2020-11-17 17:05
Last update date: 2020-11-17 17:07
The government announced that the unemployment rate in Hong Kong from August to October was 6.4%, the same level as from July to September, and better than market expectations.
The number of unemployed fell by 2,000 to 257,800.
The underemployment rate was 3.8%, which also remained unchanged. The number of underemployed persons decreased by 1,100 to 148,000.
Unemployment rates in individual industries have dropped significantly. Among them, the unemployment rate in retail, accommodation and catering services fell by 0.5 percentage points to 11.2% from July to September.
However, the unemployment rate in the transportation industry rose by 0.6 percentage points to 6.2%, which is close to a 17-year high.
As for the underemployment rate, the education industry has declined, while the transportation industry has increased.
The government has introduced the biggest relief measure in history
The Secretary for Labour and Welfare Law Chi-Kwong pointed out that the labor market is still difficult, but during this period the local epidemic remained under control and showed signs of further stabilization.
The seasonally adjusted unemployment rate remained at 6.4% from August to October this year, the same level as from July to September.
The underemployment rate also remained unchanged at 3.8%.
The year-on-year decline in total employment narrowed slightly to 5.6%, which turned to a slight increase of 0.1% compared with the previous period.
Analyzed by industry, the unemployment rate combined with consumer and tourism-related industries (ie, retail, accommodation and catering services) from August to October this year fell by 0.5 percentage points to 11.2% from July to September this year.
Among them, the unemployment rate in the catering service activity industry fell to 14.8%.
On the other hand, the unemployment rate in the transportation industry soared by 0.6 percentage points to 6.2%, which is close to a 17-year high.
Unemployment rates in other industries have varied.
Looking ahead, Luo Zhiguang pointed out that although the overall economic situation has seen some improvement in recent months, employers’ hiring intentions should remain cautious, especially when the economic outlook is still plagued by the changing epidemic and the labor market remains in the short term. Will face pressure.
The government has launched the largest relief measures in history, including a series of measures to create and stabilize employment.
The government will continue to monitor the situation closely.
The unemployment rate remained at 6.4% from August to October, and the unemployed army approached 260,000
Hong Kong economic unemployment rate