Hong Kong Jobless Rate Falls To 2.9%

(RTTNews) - Hong Kong's unemployment rate decreased further to the lowest level in nearly four years as the labour market continued to improve alongside the domestic economic recovery, the labor force statistics from the Census and Statistics Department showed on Tuesday.

The seasonally adjusted unemployment rate fell slightly to 2.9 percent in the April-June period from 3.0 percent in the March-May period. Meanwhile, economists had expected the rate to rise to 3.1 percent.

Further, this was the lowest unemployment rate since the July-April period in 2019, when it was also 2.9 percent.

The data showed that the underemployment rate also edged down to 1.1 percent from 1.2 percent.

On an unadjusted basis, the unemployment rate held steady for the second straight month at 3.0 percent. The number of unemployed persons was 113,600, about the same as that in March to May 2023.

Considering major economic sectors, notable decreases were observed in the retail sector and the arts, entertainment, and recreation sectors.

"The labour market should improve further in the coming months as the economic recovery gathers further strength," Ho Kai-ming, the acting secretary for labour and welfare,  said.