Hong Kong Jobless Rate Unchanged at 20-Year Low

The seasonally adjusted unemployment rate in Hong Kong stood at 2.9 percent in the three months to January of 2018, unchanged from the previous period's 20-year low. The number of unemployed and underemployed continued to decline while employment increased further.

Comparing to the previous three-month period, the number of unemployed persons fell by 3,200 to 106,600 in November 2017 - January 2018, while the number of underemployed decreased by around 1,900 to 40,200. Analysed by sector, the changes in individual jobless rates were minimal when compared to the preceding three-month period. Nevertheless, unemployment situation improved notably across many major service sectors on a year-on-year comparison, led by tourism-related industries such as retail and accommodation services amid the further recovery in inbound tourism, as well as the financing, and professional and business services (excluding cleaning and similar activities) sectors on the back of strong economic conditions.

Meantime, total employment rose by 11,500 to 3.862 million in the three months to January, and the labour force by around 8,300 to 3.960 million.

Looking ahead, "In view of the sanguine economic situation on entering 2018, the labour market is expected to remain tight in the near term. Yet the employment outlook for the rest of the year will continue to hinge on how various external uncertainties evolve. We 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 20-Year Low

Census and Statistics Department | Joana Ferreira | joana.ferreira@tradingeconomics.com
2/22/2018 9:01:15 AM