Hong Kong jobless rate drops to 2.9 per cent in second quarter, first time below 3 per cent in 4 years and signals return to full employment
- Unemployment rate falls to four-year low between April and June, lowest since before the pandemic hit in 2020
- Ho Kai-ming, acting labour and welfare secretary, predicts unemployment will continue to fall on the back of a bounce back in the economy
Hong Kong’s jobless rate hit a landmark with a fall to 2.9 per cent between April and June – the first time the unemployment figure has dropped below 3 per cent since four years ago, before the coronavirus outbreak, and a signal the city has returned to full employment.
Figures from the Census and Statistics Department released on Tuesday showed that the rolling total was down 0.1 percentage points from March to May, which marked a sustained economic recovery since the city removed all Covid-19 restrictions in February.
“The labour market should improve further in the coming months as the economic recovery gathers further strength,” he said.
The latest jobless rate is the lowest since pre-pandemic 2019, when it reached 2.9 per cent in the April to June period.