Hong Kong Jobless Rate Rises To 2.9%

(RTTNews) - Hong Kong's unemployment rate increased slightly in the August-October period, labour force statistics from the Census and Statistics Department showed on Thursday.

The seasonally adjusted unemployment rate came in at 2.9 percent in the August-October period, up from a stable rate of 2.8 percent in the July-September period.

The data showed that the underemployment rate remained unchanged at 1.0 percent.

On an unadjusted basis, the unemployment rate held steady at 3.0 percent.

The number of unemployed persons was 115,800, compared to 114,00 from July to September of 2023.

"Inbound tourism and local consumption would continue to underpin economic growth in the near term," Mr. Chris Sun, the secretary for labor and welfare, said.

"The labour market should remain tight in the coming months despite some possible negative effects stemming from the difficult external environment."