Hong Kong’s jobless rate fell for three consecutive months to a one-year low in May, as the economy continues to recover from the pandemic.
The country’s urban unemployment rate fell 5.0 percentage points to 9.7% month-on-month for the week which ended on June 13.
The number of unemployed persons in April totalled 742,700 persons, falling by 0.1 percentage point or 10,500 persons month-on-month.
Those receiving job-seeking benefits totalled 704,000 in May, in line with a downward trend of 759,000 in March, and 739,000 in April.
In April, a total of 92,100 people — comprising Singapore citizens and permanent residents — were unemployed.
While these job losses are linked to the end of its wage subsidy, more people are beginning to find jobs, says the treasury secretary.
The National Economic and Social Development Council said the third wave of the pandemic is likely to lead to soaring unemployment this year.
The government has further tightened MCO measures, which include a mandate of more WFH arrangements and a cap on operating hours.
Official figures also show an improvement in youth unemployment, which is now better than at the start of the pandemic.
The decision not to have a full lockdown that shuts down the economy will help prevent rising unemployment that could affect 1 million people.
The government will continue subsidies for the unemployed, and vocational training, upskilling, internships for college graduates.
The Department of Finance (DOF) has said gains in employment cannot be sustained if strict lockdowns are repeatedly being imposed.
Research from the ADP Research Institute provides insights into how the workforce in Singapore and across Asia Pacific has changed over the past year.
The number of employed workers in South Korea totalled 27.21 million in April, up 652,000 from a year ago.
DOLE has also ramped up the implementation of its programme to provide jobs for seasonal workers, those who are displaced, or underemployed.
In March, the number of unemployed citizens aged 15 and above was estimated at 3.44 million, 747,000 less than from February.
Over the March quarter, employment rose by 15,000 in New Zealand, as the country continues to recover from the pandemic.
The restrictions are now enforced in six provinces — Bangkok, Chiang Mai, Chon Buri, Nonthaburi, Pathum Thani and Samut Prakan.
The number of employed women aged between 25 and 54 fell by 541,000 year-on-year last March, more than the 327,000 for men in the same age group.
Data from the Australian Bureau of Statistics (ABS) showed that 70,700 net new jobs were created in March, double the expected 35,000.
The sectors of wholesale and retail trade, education, and human health and social work saw a continuous increase in employment.
The Ministry of Manpower reported a fourth consecutive month of decline in the overall unemployment rate in Singapore
The government is not raising minimum wages after ending its JobKeeper programme on March 28, citing job creation as one of its priorities.
The Department of Labour and Employment would provide emergency employment to informal workers who lost their jobs.
In February, out of the 1.35 million persons officially unemployed, 999,000 had lost their jobs due to the pandemic.
Before interest rates are raised, the unemployment rate will likely need to fall to between the “low 4s” and “high 3s”, said RBA deputy governor Guy Debelle.
The unemployment rate fell in February to pre-pandemic levels amid the rollout of vaccination and fiscal stimulus stimulating the economy.
The jobless rate for those 16 to 24 years old was 13.1% in February, more than double the national urban unemployment rate of 5.5%.
South Korea’s unemployment allowance payment hit a five-month high in February, surpassing 1 trillion won (US$884 million) again.
Hong Kong’s jobless rate climbed to 7.2% in the December-to-February period, up 0.2 percentage points from the November-to-January period.