HK jobless rate hits highest in 9 years
Print Edition
Hong Kong鈥檚 unemployment rate increased to 3.7 percent, the highest in more than nine years, between December 2019 and February this year, with that of consumption- and tourism-related sectors reaching a 10-year high of 6.1 percent, the Hong Kong Special Administrative Region government said yesterday.
According to the latest labor force statistics from the HKSAR government鈥檚 Census and Statistics Department, the seasonally adjusted unemployment rate in December 2019-February 2020 rose by 0.3 percentage points compared with the November 2019-January 2020 period, with the underemployment rate reaching a five-year high of 1.5 percent.
In the December 2019-February 2020 period, total employment dropped by around 34,400 to 3,768,800, and the labor force decreased by around 22,500 to 3,903,000, comparing with the November 2019-January 2020 period.
The HKSAR government鈥檚 Secretary for Labor and Welfare Law Chi-kwong said that the labor market deteriorated sharply as the COVID-19 epidemic caused severe disruptions to a wide range of economic activities and dampened economic sentiment.
Law pointed out that the employment situation of consumption- and tourism-related sectors exacerbated further, as the threat of the COVID-19 infection had brought inbound tourism to a standstill and dealt a severe blow to consumption-related activities.
The unemployment rate and the underemployment rate of these sectors combined surged to 6.1 percent and 2.5 percent, respectively, both the highest in about a decade.
Meanwhile, the unemployment and underemployment situation in the construction sector also deteriorated drastically, as construction activities saw visible slowdown.
Law said the labor market will be subject to even greater pressure in the near term, and the exact impact will hinge on the duration and severity of the pandemic around the world.
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