Hong Kong Unemployment Rate At 4.9%

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Hong Kong's seasonally adjusted unemployment rate stood at 4.9% in the November to January period, the same as in the three months to December period, the Census and Statistics Department reported on Thursday.

Economists had expected the unemployment rate to edge down to 4.8%.

The total number of employed persons increased by around 8,600 during the three month period to amount to 3.51 million. Over the same period, the number of unemployed persons decreased by around 6,400 to 172,800.

"As improving business sentiment and consumer spending should continue to boost labor demand during the Lunar New Year period, pressure on unemployment is expected to ease further," said Matthew Cheung Kin-Chung, Secretary for Labor and Welfare.

"However, in the near-term, the performance of the employment market hinges on the overall economic situation, as well as the pace of job creation in the corporate sector," he added.

Economists at ING Bank NV said ahead of the data release that Hong Kong's jobless recovery resembled that of the U.S., where the unemployment rate has begun to decline but employment growth remains negative, and blamed the USD/HKD peg for this development.

Hong Kong's seasonally adjusted unemployment rate stood at 4.9% in the November to January period, the same as in the three months to December period, the Census and Statistics Department reported on Thursday. (Market News Provided by RTTNews)