The seasonally adjusted unemployment rate in Hong Kong rose to 3.3% in the three months to December 2019 from 3.2% in the prior period while markets had expected it to remain unchanged at 3.2%. It was the highest jobless rate since the three-month period to March 2017. The number of unemployed persons were down by around 1,400 to 124,000 and the number of underemployed was 47,400, the same as in the previous period. Meanwhile, the number of employed fell by 12,800 to 3.82 million and the labour force also decreased by around 14,200 to 3.94 million. The unemployment rate in the consumption and tourism-related sectors stayed at a three-year high of 5.2%, amid continued violence targeting shops and other business activities. Also, a deterioration was seen in the construction sector, especially activities involving decoration, repair & maintenance. The labour market is expected to be subject to even more pressure in the near term if the economy remains weak.
Unemployment Rate in Hong Kong averaged 3.65 percent from 1981 until 2019, reaching an all time high of 8.50 percent in June of 2003 and a record low of 1 percent in July of 1989. This page provides the latest reported value for - Hong Kong Unemployment Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. source: Census and Statistics Department, Hong Kong
Unemployment Rate in Hong Kong is expected to be 3.10 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Unemployment Rate in Hong Kong to stand at 2.90 in 12 months time. In the long-term, the Hong Kong Unemployment Rate is projected to trend around 2.80 percent in 2020, according to our econometric models.