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Jobless rate increases in HK
Source: Bloomberg News |
November 18, 2011, Friday
|
Print Edition
Print Edition
HONG Kong's jobless rate rose for the first time in six months as worries over Europe's debt crisis deter companies from hiring.
The rate for the three months ended October was 3.3 percent, up from the previous period through September, the government said in a report yesterday on its website. The median estimate of 11 economists in a Bloomberg News survey was for the rate to hold at a 13-year low of 3.2 percent.
Hong Kong skirted a recession in the third quarter as tourists from the Chinese mainland boosted local spending and demand for workers, helping the city counter slower global growth. The economy could be "very weak" in the next two years as the government sees a possible global recession if Europe's debt crisis worsens, Financial Secretary John Tsang said this week.
"The job market is in good shape," Betty Wang, a Hong Kong-based analyst at Standard Chartered Plc, said before the report. "However, given the gloomy market sentiment has started to weigh on companies' hiring plans, the labor market could face increased downside risks."
Median household income rose 11 percent, the fastest pace since 1997, in July through September from a year earlier, after Hong Kong introduced the minimum wage of HK$28 (US$3.6) per hour in May.
The rate for the three months ended October was 3.3 percent, up from the previous period through September, the government said in a report yesterday on its website. The median estimate of 11 economists in a Bloomberg News survey was for the rate to hold at a 13-year low of 3.2 percent.
Hong Kong skirted a recession in the third quarter as tourists from the Chinese mainland boosted local spending and demand for workers, helping the city counter slower global growth. The economy could be "very weak" in the next two years as the government sees a possible global recession if Europe's debt crisis worsens, Financial Secretary John Tsang said this week.
"The job market is in good shape," Betty Wang, a Hong Kong-based analyst at Standard Chartered Plc, said before the report. "However, given the gloomy market sentiment has started to weigh on companies' hiring plans, the labor market could face increased downside risks."
Median household income rose 11 percent, the fastest pace since 1997, in July through September from a year earlier, after Hong Kong introduced the minimum wage of HK$28 (US$3.6) per hour in May.
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