Hong Kong unemployment rate drops to 4.3 per cent, marking improvement in job market

Hong Kong’s jobless rate has fallen to 4.3 per cent, marking the third consecutive improvement in the labour market, as authorities said the latest round of consumption vouchers was expected to help revive the local economy in the coming months.

According to provisional figures released by the Census and Statistics Department on Wednesday, the seasonally adjusted jobless figure for the latest rolling three-month period to the end of July was down 0.4 percentage points from 4.7 per cent for the April to June span. It was also the lowest level since the city recorded a figure of 3.9 per cent for the three-month period from last November to this January.

The rate was 5.1 per cent for the March to May period and 5.4 per cent for February to April.

The underemployment rate also declined by 0.8 percentage points to 2.2 per cent in the May to July period, a sign the city’s job market was on the road to recovery.

Secretary for Labour and Welfare Chris Sun Yuk-han said: “Provided that the local epidemic situation remains under control, with the support from phase two of the consumption voucher scheme, domestic economic activities are expected to revive further in the coming months.

“The labour market should continue to improve, although the extent of the improvement will depend on the pace of economic revival amid the tightened financial conditions. It remains vital for the community to work in unison with the government to keep the epidemic under control.”

The jobless rate for the sectors related to consumption and tourism fell by 0.9 percentage points from the preceding three-month period to 6.5 per cent.