Hong Kong Jobless Rate Unchanged at Near 21-Year Low

The seasonally adjusted unemployment rate in Hong Kong stood at 2.8 percent in the three months to November of 2018, remaining the lowest jobless rate since January of 1998. The underemployment rate also remained unchanged at 1.2 percent, the same as in the August-October period.

On a non-seasonally adjusted basis, the number of unemployed persons went down by 5,200 to 110,800 in September-November 2018 when compared with the previous period, and the number of underemployed decreased by 800 to 45,900 persons. On a yearly basis, the unemployment situation continued to improve for most of the main services sector, particularly in the retail, accommodation and food services sectors, amid strong local consumption and the buoyant performance of inbound tourism. 

Meanwhile, the number of employed dropped by 5 thousand from the previous three-month period to 3,867 thousand and the labour force participation rate edged down to 60.9 percent.

Looking ahead, "The labour market will likely remain tight in the near term. Yet, the employment outlook further down the road will hinge on the impacts of the various external headwinds on the local economy. The Government will stay vigilant and monitor the situation closely." the Secretary for Labour and Welfare, Dr Law Chi-kwong, said. 

Hong Kong Jobless Rate Unchanged at Near 21-Year Low

Census and Statistics Department | Agna Gabriel | agna.gabriel@tradingeconomics.com
12/18/2018 8:54:51 AM