Hong Kong Jobless Rate at 16-Month High of 2.9%

The seasonally adjusted unemployment rate in Hong Kong increased to 2.9 percent in the three months to July of 2019 from 2.8 percent in the previous period. It was the highest jobless rate since the three months to March period of 2018. The underemployment rate was unchanged at 1.0 percent, the same as in the previous period.

On a non-seasonally adjusted basis, the number of unemployed persons went up by 4,200 to 118,500 in May-July 2019 when compared with the prior period, while the number of underemployed dropped by 500 to 40,700 persons. The unemployment situation in most sectors remained largely stable. Yet, as the consumption market stayed soft, the unemployment rate of the retail, accommodation and food services sectors taken together went up from the preceding three-month period. Also, the import and export trade sector has been facing increasing pressure amid shrinking trade flows, with the unemployment rate generally on the rise since early this year.

Meantime, the number of employed decreased by 3,300 to 3,867 thousand and the labour force participation rate was steady at 60.7 percent.

Looking ahead, "The economy is expected to stay weak in the coming months, the local labour market will unavoidably be subject to greater pressure. The Government will monitor the labour market situation closely." the Secretary for Labour and Welfare, Dr Law Chi-kwong, said.

Hong Kong Jobless Rate at 16-Month High of 2.9%

Census and Statistics Department | Agna Gabriel | agna.gabriel@tradingeconomics.com
8/19/2019 8:46:55 AM