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MNI BRIEF: Hong Kong's Jobless Rate Edges Lower in Oct

MNI (Beijing)

Hong Kong's unemployment rate edged down to 3.8% in the three months to the end of October as more jobs were added in industries previously affected by pandemic measures, according to data released by the Census and Statistics Department on Thursday.

Unemployment fell from 3.9% in the three months to the end of September, driven by new jobs in the retail, food and beverages, and decoration and building maintenance sectors. “Today’s data showed improvements alongside the revival of domestic economic activities”, the C&SD said in a statement posted on their website. Total employment increased by 19,700 jobs.

C&SD said the jobs outlook would depend on Covid control measures remaining relaxed, though further interest rates hikes will continue to constrain demand in the short term. Hong Kong’s Q3 GDP slumped 4.5% due to falling external demand and interest rate hikes. (See: MNI Hong Kong's Q3 GDP Slumps 4.5% As Exports Decline).

MNI Beijing Bureau | lewis.porylo@marketnews.com
MNI Beijing Bureau | lewis.porylo@marketnews.com

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