Hong Kong jobless rate at 3.3% anticipated

By IVCPOST Staff Reporter

Aug 19, 2013 08:44 AM EDT

Hong Kong was not surprised to record a 3.3% unemployment rate for the months of May to July of this year.  According to the state's Census and Statistics Department, the second quarter rate was, in fact, a good sign. The state was quoted to said that the labor market weakness was stabilized by the improvement of local consumption. 

The recent rate forecast was done by four of the economists interviewed earlier by the The Wall Street Journal.

Labor and Welfare Secretary Matthew Cheung said, "Labor demand will likely stay firm on the back of resilient domestic demand, thereby leading to broadly stable labor market conditions in the near term." However, he added that the indefinite financial position could have a major effect on the city's economy and labor market. This also goes the same for the future development of U.S. monetary policy and the latest slowdown in developing economies.

Hong Kong's unemployment rate has gradually dropped since it hit the highest point at 5.5% in the period of June-August 2009. 

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