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MNI BRIEF: Hong Kong's Jobless Rate Falls to 3.7%

MNI (Beijing)

Hong Kong’s seasonally adjusted unemployment rate stood at 3.7% for the September - November period, down 0.1% compared to the August - October period, according to the Census and Statistics Department (C&SD) on Friday.

The total number of unemployed persons fell by 8,500 to 138,900, the seventh consecutive drop, according to data available on the C&SD website. Total employment increased by 8,400 to 3,657,000 and the underemployment rate declined by 0.1 of a percentage point to 1.6%.

The near-term labour market outlook depends on further relaxation of epidemic-related measures and the Consumption Voucher Scheme. However, tighter monetary conditions will partly offset the positive effects, the CS&D said. The Hong Kong Monetary Authority raised interest rates 50bp to the highest level since 2008 on Thursday. (SEE MNI BRIEF: HKMA Hikes Base Rate 50bp; Tracks Fed)

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

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