Hong Kong Jobless Rate Steady at Over 20-Year Low

The seasonally adjusted unemployment rate in Hong Kong stood at 2.8 percent in the three months to October of 2018, remaining the lowest jobless rate since January of 1998. The underemployment rate also remained unchanged at 1.2 percent, the same as in the July-September period.

On a non-seasonally adjusted basis, the number of unemployed persons went down by 1,800 to 116,000 in August-October 2018 when compared with the previous period, and the number of underemployed decreased by 600 to 46,700 persons. On a yearly basis, the unemployment situation continued to improve for most of the main services sector, particularly in the accommodation services, amid the buoyant performance of inbound tourism. 

Meanwhile, the number of employed dropped by 3 thousand from the previous three-month period to 3,872 thousand and the labour force participation rate edged down to 61.1 percent.

Looking ahead, "The labour market is expected to stay tight in the near term. Yet, the employment outlook beyond the near term will hinge on how the increased external headwinds will affect the local economy going forward. The Government will stay vigilant and monitor the situation closely. ", the Secretary for Labour and Welfare, Dr Law Chi-kwong, said. 

Hong Kong Jobless Rate Steady at Over 20-Year Low

Census and Statistics Department | Agna Gabriel | agna.gabriel@tradingeconomics.com
11/16/2018 9:03:37 AM