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Hong Kong's unemployment rate edges down to a 20-month low
Sep 16, 2010, 10:55 GMT
Hong Kong - Hong Kong's unemployment rate has fallen to its lowest level for 20 months, according to government figures released Thursday.
The jobless rate for the June-to-August quarter was 4.2 per cent, the second consecutive quarterly fall and 0.1 percentage points down on the 4.3 per cent figure for the period from May to July.
Unemployment figures in Hong Kong are released by the government every month, based on the data for the preceding quarter.
The figures released Thursday were the lowest since January 2009 and were hailed by Hong Kong Secretary for Labour Matthew Cheung as evidence of an improving economy.
Cheung said the number of jobs in the city of 7 million had grown, meaning the economy was better able to absorb graduates and school leavers entering the labour market over the summer.
However, he warned, while business sentiment 'remains largely positive, uncertainties relating to the weak economic growth in the US as well as the eurozone sovereign debt problem and its contagion remain a major concern.'
Hong Kong's economy has boomed over the past year with share and property prices rising. Unemployment has fallen steadily since peaking at 5.5 per cent in mid-2009.
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