Hong Kong unemployment drops to 5.2%
By: Michael Ranson - Thursday, November 19, 2009 at 7:51pm

The last Hong Kong unemployment figures may give workers there some reason for optimism.

The labor force statistics compiled by the Hong Kong Census and Statistics Department (C&SD) showed that the seasonally adjusted unemployment rate was 5.2 percent for August-October. This was a slight decrease from 5.3 percent in July-September.

According to Dow Jones Newswires, the drop in unemployment to 5.2 percent was right on target with the median 5.2 percent predicted earlier by nine economists surveyed by the news agency.

The number of jobless people, not seasonally adjusted, fell by 18,700 to 190,400 in August-October, indicates C&SD data.

Matthew Cheung Kin-chung, Hong Kong’s Secretary for Labour and Welfare, "As business conditions continue to improve, employers are expected to adopt a more positive attitude towards new hiring. This will ease the pressure on unemployment."

Although Cheung cautioned that a stable recovery still depended on overall economic improvement around the globe.

The sectors witnessing a decline in unemployment in August-October were: construction (which Cheung said had dropped 1.5 percent to 7.9 percent), food services, insurance and wholesale.

Elsewhere in the region, Japan’s unemployment rate fell unexpectedly to 5.3 percent in September, down from 5.5 percent in August.

 
Related posts:

• Hong Kong unemployment rate falls to 5.3 percent
• Hong Kong unemployment rate remains steady
• South Asians in Hong Kong face high unemployment
• Hong Kong wages down by 1.9%
• Hong Kong hiring expectations on the rise