The unemployment rate in Hong Kong continues to improve for the fourth time in 2022 with the number now at 4.1 per cent. But the island’s labor chief warned that the job market could still be affected by the tight financial conditions and Covid-19.
The improvement is 0.2 percentage points for the June to August period, compared to the 4.3 per cent for the three months ending in July.
The underemployment rate also saw an improvement to 2 per cent (down by 0.2 percentage points) within the same period. According to provisional figures released by the Census and Statistics Department, the total of underemployed people is now 76,400 (down by 7,900) while the unemployed fell by 6,300 to 161,900.
Secretary for Labor and Welfare Chris Sun Yuk-han expects the trend to continue but warns of existing issues. “The development of the local epidemic may also have a bearing on economic activities and thus the labor market,” he said.
He said the further improvement of the job market seen currently follows a revival of the domestic economic activity with the support of the latest round of consumption vouchers which were given out in early August.
The highest rate for the jobless reached a high of 5.4 per cent in the March to May period before tapering off to the current level, which is close to the 3.9 per cent last recorded in November 2021 and January 2022.