The seasonally adjusted unemployment rate in Hong Kong jumped to 5.2 percent in the three months to April 2020 from 4.2 percent in the previous period. It was the highest jobless rate since the three months to October 2010, amid the coronavirus crisis. The number of unemployed persons increased by around 40,300 to 202,500 and the number of underemployed rose by around 35,800 to 118,600. Meantime, the number of employed dropped by around 62,600 to 3.66 million while the labour force declined by around 22,400 to 3.86 million. The unemployment rate in the consumption and tourism-related sectors combined soared to 9%, the highest in more than 15 years. In particular, the unemployment and underemployment rates in food and beverage service activities surged to 12% and 8.4%, respectively. To preserve the vitality of the economy, the Government has rolled out relief measures of unprecedented scale, including a series of measures on job retention and job creation.
Unemployment Rate in Hong Kong averaged 3.65 percent from 1981 until 2020, 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. Hong Kong Unemployment Rate - data, historical chart, forecasts and calendar of releases - was last updated on May of 2020. source: Census and Statistics Department, Hong Kong
Unemployment Rate in Hong Kong is expected to be 4.50 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 5.50 in 12 months time. In the long-term, the Hong Kong Unemployment Rate is projected to trend around 5.30 percent in 2021 and 4.20 percent in 2022, according to our econometric models.