Hong Kong unemployment unchanged as economy improves

HONG KONG unemployment rate was unchanged in May, even as economic growth improved, and the city faces labour shortages in some industries.

The jobless rate was 3 per cent in the three months through May, the same as the February-April period, according to data from the Census and Statistics Department released on Monday (Jun 19). That was slightly higher than the median estimate of 2.9 per cent in a Bloomberg survey of economists. 

The city’s economy has rebounded quickly in the first quarter as its borders reopened and consumer spending climbed. Hong Kong recently relaxed entry rules to bring in 27,000 foreign workers to stem a manpower shortage in services and other industries.

Economists surveyed by Bloomberg have upgraded their growth forecasts for Hong Kong for this year, expecting it to reach 4.6 per cent, up from a previous estimate of 3.4 per cent

“The labour market should improve further in the coming months as the economy continues to recover,” Chris Sun, Hong Kong’s secretary for labour and welfare, said in the statement. BLOOMBERG