MNI BRIEF: Hong Kong Unemployment Edges Down In January

Hong Kong's unemployment fell to 3.4% in January, down 0.1% on December’s reading and the lowest level since November 2019, according to the Census and Statistics Department (CS&D) on Thursday.

The number of job-seekers fell in most sectors, with notable declines in the building and retail sector. Marking the tenth month of improving data in the labour market, the CS&D said today's data was consistent with economic activity gradually returning to normal, and the rebound in inbound tourism, particularly from the mainland.

Labour market conditions were expected to improve further, with the labour department operating recruitment centers to drive employment in the catering and retail sectors.

The number of unemployed persons decreased from 126,000 in the October-December 2022 period to 118,400 in the period spanning November 2022-January 2023. The number of underemployed persons also decreased from 1.5% in the October-December 2022 period to 1.4% in the November 2022-January 2023 period.