November 18, 2022
HONG KONG – Hong Kong’s seasonally adjusted unemployment rate eased to 3.8 percent in the August-October period, improving for the sixth consecutive period as economic activities revive in an easing COVID situation, official data showed on Thursday.
The unemployment rate was at 3.9 percent in the previous three-month rolling period, according to the Census and Statistics Department.
As long as the epidemic remains under control and anti-epidemic measures are suitably relaxed, coupled with the help of the Consumption Voucher Scheme, economic activities should gradually return to normal.
Chris Sun, Secretary for Labor and Welfare
The underemployment rate also decreased from 1.8 percent in the July-September period to 1.7 percent in August-October 2022.
“As long as the epidemic remains under control and anti-epidemic measures are suitably relaxed, coupled with the help of the Consumption Voucher Scheme, economic activities should gradually return to normal,” said Secretary for Labor and Welfare Chris Sun.
Many major economic sectors saw a decrease in both the unemployment rate (not seasonally adjusted) and underemployment rate.
For the unemployment rate, more distinct decreases were observed in the decoration, repair and maintenance for buildings sector; retail sector; and food and beverage service activities sector, the government said in a statement.
Total employment increased by around 19,700 from 3,628, 900 in July-September to 3,648,600 in August-October.
The number of unemployed persons, not seasonally adjusted, decreased by around 7,900 to 147,400 in August-October, while that of underemployed persons fell by around 5,600 from 69,000.
Looking ahead, the labor chief said the short-term outlook for the labor market will depend on the performance of domestic economic activities. “The tightened financial conditions will continue to constrain demand.”