Hong Kong unemployment rate falls to 3.8 pct in August-Oct

The seasonally adjusted unemployment rate in Hong Kong slowed to 3.8 percent in the August-October period, improving for the sixth consecutive period as economic activities revived in an easing COVID situation, official data showed on Thursday.

The unemployment rate was 3.9 percent in the previous three-month period, according to the Census and Statistics Department.

In the July-September period, the unemployment rate decreased to 1.7 percent in August-October 2022, from 1.8 percent to 1.7 percent in August-October 2022.

Economic activities should gradually return to normal as long as the epidemic is under control and anti-epidemic measures are suitably relaxed, coupled with the help of the Consumption Voucher Scheme, said Secretary for Labor and Welfare Chris Sun.

There was a decrease in the unemployment rate not seasonally adjusted and underemployment rate in many major economic sectors.

More distinct decreases were seen in the decoration, repair and maintenance sector, retail sector, and food and beverage service activity sector, the government said in a statement.

In July-September, total employment increased by 19,700 from 3,628, 900 to 3,648, 600 in August-October.

The number of unemployed people, not seasonally adjusted, decreased by 7,900 to 147,400 in August-October, while the number of unemployed fell by around 5,600 from 69,000.

The labor chief said the short-term outlook for the labor market will depend on the performance of domestic economic activities. The tighter financial conditions will continue to restrict demand.