Hong Kong’s seasonally adjusted unemployment rate fell to 5.1 percent in the three months ending May 2022, from 5.4 percent in the previous three-month period. The labor market improvement comes as COVID-19 cases fell to the lowest levels since January and policymakers rolled back some social distancing restrictions. The number of unemployed persons decreased by 14,700 to 191,400 but the number of workers declined by 5,400 to 3,553,800. Across sectors, the jobless rate retreated more steeply in the construction; retail, accommodation, and food services; and arts, entertainment, and recreation sectors. Looking ahead, the Secretary of Labor and Welfare said domestic economic activity and the labor market continue to improve, assuming the local epidemic remains under control. source: Census and Statistics Department, Hong Kong
Unemployment Rate in Hong Kong averaged 3.75 percent from 1981 until 2022, 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 June of 2022.
Unemployment Rate in Hong Kong is expected to be 4.30 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Hong Kong Unemployment Rate is projected to trend around 3.90 percent in 2023, according to our econometric models.