Hong Kong jobless rate below 3% for first time in nearly 20 years

The photo shows a shopping street in Hong Kong. [Photo: VCG]

Hong Kong's unemployment rate in the fourth quarter of 2017 dropped below 3 percent for the first time in nearly 20 years, new statistics from the Hong Kong Special Administrative Region government show.

The city’s adjusted unemployment rate declined from 3 percent in last year’s third season to 2.9 percent in the fourth season.

The rate of underemployment remained unchanged at 1.1 percent through the two seasons.

Compared with the previous season, the fourth season saw the total employment increase by around 10,300, the labor force increase by around 2,400, and the number of the unemployed decrease by around 8,000.

Law Chi-kwong, the Hong Kong government’s Secretary for Labor and Welfare, attributes the decreased unemployment rate to factors including the continuous growth of Hong Kong economy, the vibrant external demand, as well as solid growth of the city’s own demand.

Law say most major sectors recorded declines in their own unemployment rates, with notable decreases seen in the real estate, foundation, retail, financing and business services sectors.