Hong Kong's unemployment rate rises to 3.4 per cent, highest in three years
Hong Kong protest
Hong Kong's seasonally adjusted unemployment rate rose to 3.4 per cent in the November to January period, the highest in more than three years, government figures showed on Tuesday, asworries grewover the economic impact of the coronavirus.
The labour market had slackened further as economic conditions remained weak, Secretary for Labour and Welfare, Law Chi-Kwong, said in a statement.
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"The labour market will be subject to even more pressure in the near term, as thethreat of the novel coronavirusinfection has already caused severe disruptions to a wide range of economic activities lately, particularly the consumption- and tourism-related sectors," Law added.
The seasonally adjusted unemployment rate rose from 3.3 per cent in the previous three-month period, the data showed. The underemployment rateremained unchangedat 1.2 per cent.
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The combined unemployment rate in the consumption and tourism sectors stayed at 5.2 per cent, its highest in more than three years.
Hong Kong's economycontracted for the first time in a decade in 2019 as violent anti-government protests and the Sino-UStrade dispute took more steam out of the economy.