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Hong Kong Jobless Rate Steady In September

Hong Kong’s jobless rate remained stable during the July to September period, data from the Census and Statistics Department showed on Friday.

The unemployment rate was 2.9 percent during the July to September period, the same rate as seen during the June to August period.

The number of unemployed persons was 120,300 during the July to September period, broadly the same as seen in the previous three months.

Employment decreased by around 8,200 persons to 3.85 million.

“Weak local consumption and plunging visitor arrivals caused by local social incidents continued to weigh on the labor market,” the Secretary for Labor and Welfare Law Chi-kwong said.

The unemployment rate of the consumption- and tourism-related segment, which includes retail, accommodation and food services sectors, increased further to 4.9 percent the highest in more than two years, the official said.

The unemployment rate of the food and beverage service activities sector rose sharply to a six-year high of 6.0 percent, Law said.

“Worsened economic conditions will put increasing pressure on the local labor market in the near term,” the official added.

The material has been provided by InstaForex Company – www.instaforex.com