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. Unemployment Rate in Hong Kong averaged 3.66 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.

Unemployment Rate in Hong Kong is expected to be 2.80 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 2.80 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.

Hong Kong Unemployment Rate
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Calendar GMT Actual Previous Consensus TEForecast
2019-05-20 08:30 AM Unemployment Rate Apr 2.8% 2.8% 2.8% 2.8%
2019-06-19 08:30 AM Unemployment Rate May 2.8% 2.8% 2.8%
2019-07-18 08:30 AM Unemployment Rate Jun 2.8% 2.8% 2.8%
2019-08-19 08:30 AM Unemployment Rate Jul 2.9% 2.8% 2.80%
2019-09-17 08:30 AM Unemployment Rate Aug 2.9% 2.80%
2019-10-18 08:30 AM Unemployment Rate Sep 2.80%
2019-11-18 08:30 AM Unemployment Rate Oct 2.80%



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.


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



Hong Kong Labour Last Previous Highest Lowest Unit
Unemployment Rate 2.90 2.80 8.50 1.00 percent [+]
Employed Persons 3870.70 3869.10 3882.40 2370.60 Thousand [+]
Unemployed Persons 114.30 114.10 307.70 24.90 Thousand [+]
Labor Force Participation Rate 60.70 60.70 66.50 59.50 percent [+]
Productivity 107.20 106.40 107.20 63.40 Index Points [+]
Job Vacancies 79579.00 78186.00 127765.00 15919.00 [+]
Wages 16928.00 16791.00 16928.00 10382.00 HKD/Month [+]
Wages in Manufacturing 223.40 223.40 223.40 141.80 Index Points [+]
Minimum Wages 34.50 34.50 34.50 28.00 HKD/Hour [+]
Population 7.48 7.41 7.48 3.08 Million [+]
Retirement Age Men 65.00 65.00 65.00 60.00 [+]
Retirement Age Women 65.00 65.00 65.00 60.00 [+]
Youth Unemployment Rate 5.20 5.00 10.40 1.90 percent [+]


Hong Kong Unemployment Rate

In Hong Kong, the unemployment rate measures the number of people actively looking for a job as a percentage of the labour force. 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. Hong Kong Unemployment Rate - actual data, historical chart and calendar of releases - was last updated on August of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
2.90 2.80 8.50 1.00 1981 - 2019 percent Monthly
SA




Country Last Previous
South Africa 29.00 Jun/19
Spain 14.02 Jun/19
Turkey 12.80 May/19
Brazil 12.00 Jun/19
Argentina 10.10 Mar/19
Italy 9.70 Jun/19
France 8.50 Jun/19
Euro Area 7.50 Jun/19
India 6.00 Dec/18
Canada 5.70 Jul/19
Saudi Arabia 5.70 Mar/19
Australia 5.20 Jul/19
Indonesia 5.01 Mar/19
Russia 4.50 Jul/19
South Korea 4.00 Jul/19
United Kingdom 3.90 Jun/19
United States 3.70 Jul/19
China 3.61 Jun/19
Mexico 3.60 Jun/19
Netherlands 3.40 Jul/19
Germany 3.10 Jun/19
Japan 2.30 Jun/19
Singapore 2.20 Jun/19
Switzerland 2.10 Jul/19


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