Free Trial

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

MNI (BEIJING)
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

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.