HK’s Jobless Market To Remain Low: MIDF

Hong Kong’s jobless rate stood unchanged at three percent in the three-month period ending in May. The underemployment rate edged up slightly to 1.2 percent, compared with 1.1 percent in the February-April period.

MIDF in its economic view, said based on the Census and Statistics Department, uptick in underemployment among others contributed by sectors such as decoration, repair, building maintenance, cleaning, arts, entertainment and recreation. However, the job market remains stable as unemployment rate reflects full-employment condition. The rate has returned to pre-pandemic level, staying below 3.5% since Dec-22.

The house opines rebound of external trade activities especially since 4QCY23 is supporting the job market as well as overall economy. Also, manufacturing output stayed on expansion since 1QCY23. Looking ahead, the unemployment rate is predicted to remain low amid better external trade recovery and improving domestic economic activities following potential of interest rate cuts by both the Federal Reserve and the Hong Kong Monetary Authority (HKMA) in 2HCY24. 

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