Hong Kong’s unemployment rate falls to 4.5%

The jobless rate in Hong Kong fell from 4.7% in the June-August period to 4.5% in the July-September quarter, the lowest since the first quarter last year.
By: | October 25, 2021
Topics: Hong Kong | Job Cuts | News | Recruitment

Meanwhile, the underemployment rate decreased by 0.1 percentage point to 2.1%, according to the Census and Statistics Department.

For the unemployment rate, decreases were seen in the building, professional and business services, as well as the arts, entertainment, and recreation sectors.

As for the underemployment rate, declines were seen in the construction sector; retail, accommodation, and food services sector; and the arts, entertainment, and recreation sectors.

Secretary for labour and welfare Law Chi-kwong said the labour market has improved, with the number of unemployed persons decreasing by 7,100 to 180,600 amid a recovering economy.

From July to September, the Labour Department recorded a monthly average of 102,742 vacancies from the private sector, up by 6.5% over the average figure from June to August and up by 68.2% from a year ago.

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Law added that the government’s consumption-voucher scheme should continue to render support to consumer-related activities, but the pandemic’s development continues to be a key source of uncertainty for the economic and labour market outlook.

As such, he said the community should stay vigilant against the pandemic and strive toward a greater vaccination rate, according to The Standard.