A man looks in a gold shop window on a street in Hong Kong on March 29, 2022.
(PETER PARKS / AFP)
HONG KONG – Hong Kong’s unemployment rate dropped in the past three months as economic activities recovered from the COVID-19 pandemic and government supportive measures provided a boost, the latest special administrative region government statistics released on Wednesday showed.
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The city’s seasonally adjusted unemployment rate dropped to 4.3 percent from May to July, down 0.4 percentage points from the April-June period. The underemployment rate also declined by 0.8 percentage points to 2.2 percent during the period, according to provisional figures released by the Census and Statistics Department.
The labor market improved as local economic activities continued to revive, and the 2022 Employment Support Scheme has also helped, said Secretary for Labour and Welfare Chris Sun Yuk-han
The labor market improved as local economic activities continued to revive, and the 2022 Employment Support Scheme has also helped, said Secretary for Labour and Welfare Chris Sun Yuk-han.
Total employment increased by 21,500 over the previous three months to 3,593,100, while the number of unemployed people fell by 10,400 to 168,200. During the same period, the labor force increased by around 11,100 to 3,761,300.
Nearly all the major economic sectors saw a drop in the unemployment rate from May to July, compared to the April to June period.
More distinct decreases were observed in the decoration, repair and maintenance for buildings sector, retail, accommodation and food services sector, transportation sector, as well as arts, entertainment and recreation sector.
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The unemployment rate for the consumption- and tourism-related sectors combined fell by 0.9 percentage points from the preceding three-month period to 6.5 percent. Among these sectors, the unemployment rate for food and beverage service activities fell by 1.6 percentage points to 7 percent, and that of the retail sector declined by 0.3 percentage points to 6.3 percent.
Looking ahead, Sun said that he expects local economic activity to revive further in the coming months, as the local pandemic situation remains under control, and he believes that the second phase of the Consumption Voucher Scheme introduced by the SAR government would provide support for economic recovery.
But the extent of the improvement will be dependent on the pace of economic revival amid the tightened financial conditions, he said. “It remains vital for the community to work in unison with the government to keep the epidemic under control.”
suzihan@chinadailyhk.com