Hong Kong’s unemployment rate drops to 4.7pc, over 178,000 remain jobless

Hong Kong’s unemployment rate dropped two months in a row to 4.7 percent, with about 178,000 citizens still struggling to find work, according to the latest data released by the Statistics Department Tuesday.

The seasonally adjusted unemployment rate – taking three months’ data into account – decreased from 5.1 percent in March-May to 4.7 percent in April-June.

The underemployment rate declined from 3.5 percent to 3 percent when comparing the two three-month periods.

Both the unemployment rate and underemployment rate decreased across almost all major economic sectors, according to the department.

The unemployment rate of the consumption- and tourism-related sectors – namely retail, accommodation, and food services sectors combined – fell visibly by 1.4 percentage points to 7.4 percent in April-June.

Secretary for Labour and Welfare Chris Sun Yuk-han said the labor market improved in April-June amid the moderating local epidemic situation in general and the gradual relaxation of social distancing measures.

“The Consumption Voucher Scheme and the 2022 Employment Support Scheme have also helped,” he continued.

The number of unemployed citizens fell by around 12,800 to 178,600, while that of underemployed people declined by around 18,800 to 111,600 in April-June.

“As domestic economic activities continue to revive, the labor market is likely to improve further in the near term, but the extent of improvement would depend on the local epidemic situation as well as the global and local financial conditions,” Sun said.

On another note, the Creating New Opportunities Job Fair will be staged at the Southorn Stadium on August 4 and 5 and will be joined by over 40 employers.