Pedestrians cross a street in Central, Hong Kong on July 24, 2022. (ANDY CHONG / CHINA DAILY)
Hong Kong’s unemployment rate remained at 2.8 percent for June to August, the same as that from May through July, official data showed on Tuesday.
While total employment increased by about 6,500 to around 3.71 million during the period, 112,100 people were out of work, according to provisional figures released by the Census and Statistics Department.
The latest underemployment rate was 1 percent, down 0.1 percentage point from the previous three-month period.
The unemployment rates of the various sectors generally stayed low during the three months ending in August, said Secretary for Labour and Welfare Chris Sun Yuk-han
The unemployment rates of the various sectors generally stayed low during the three months ending in August, said Secretary for Labour and Welfare Chris Sun Yuk-han.
According to Sun, the combined unemployment rate of the retail, accommodation and food services sectors stayed unchanged at 3.7 percent.
“Among these sectors, the unemployment rate of the food and beverage service activities sector declined by 0.2 percentage points to 4.1 percent, while that of the retail sector edged up by 0.1 percentage point to 3.4 percent,” Sun said.
The unemployment rates of some sectors declined, notably in construction, transportation and insurance.
The ongoing recovery of inbound tourism and local consumption will continue to support the labor market in the coming months, Sun added.
Last Thursday, Hong Kong kicked off its “Night Vibes Hong Kong” campaign to boost local market sentiment by rebooting the city’s nightlife.
Officials have announced a string of activities under the monthslong campaign, including discounts on evening movie tickets, live shows at multiple harborfront sites, and regular events, such as the National Day fireworks.
Terence Chong Tai-leung, an associate professor at the Chinese University of Hong Kong’s economics department, said there’s little room for the unemployment rate to go down any further as Hong Kong has already reached full employment.
He also warned of the city’s labor shortage as the economic recovery is gaining pace.
“The unemployment rate will stay around 2.8 percent in September and October, but at the same time, the economy will get better and better because more and more tourists are coming to Hong Kong. So, our main problem is a shortage of manpower, not a lack of jobs,” Chong said.
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