FX.co ★ Hong Kong Jobless Rate Rises To 3.1%

The unemployment rate in Hong Kong saw a modest increase during the period from August to October, as reported by the Census and Statistics Department on Monday. The seasonally adjusted unemployment rate rose to 3.1 percent between August and October, up from 3.0 percent in the preceding July-September period. Meanwhile, the underemployment rate decreased slightly, moving from 1.2 percent to 1.1 percent.

When not seasonally adjusted, the unemployment rate increased to 3.2 percent from the prior figure of 3.1 percent. In terms of numbers, the count of unemployed individuals reached 120,700, compared to 119,900 in the previous period of July to September.

Chris Sun, Secretary for Labor and Welfare, commented, "The labor market is expected to remain tight in the near future, supported by ongoing economic growth. However, employment conditions might vary among different sectors, contingent upon their respective business performances."