Hong Kong's unemployment rate hits a 2-year high of 3.4%
Advertisement
Preliminary data from the Census and Statistics Department, released on Tuesday, showed that the unemployment rate for the February to April period increased by 0.2 percentage points from the January to March figures.
It marked the highest rate recorded since November 2022 to January 2023, when the unemployment rate also stood at 3.4 per cent.
The rate increased across most major economic sectors during the latest three-month rolling period, with notable rises in construction, accommodation services, food and drink service activities, and financing, according to the government's announcement.
The construction sector was among the most notably impacted according to preliminary data from the Census and Statistics Department. Photo: Jelly Tse
Secretary for Labour and Welfare Chris Sun Yuk-han noted that the city's various industries were in a period of transition, which could lead to mixed trends in their unemployment rates.
Advertisement
'However, the recent easing of trade tensions, the continued growth of the mainland economy, the government's various measures to boost economic momentum and the continuous positive growth of the overall economy will provide support to the labour market,' Sun said.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
South China Morning Post
22 minutes ago
- South China Morning Post
5 companies mark IPO trading debut in Hong Kong, marking HKEX's busiest day yet in 2025
Hong Kong's stock exchange had its busiest day of the year for new listings on Wednesday as five mainland Chinese companies made their debuts, cementing the city's position atop the global ranking for initial public offerings (IPO). Wuhan Dazhong Dental Medical (2651) was the biggest winner of the day, when its shares jumped 20 per cent at the open to HK$24, from its IPO price of HK$20. The shares of Apple supplier Lens Technology (6613) began trading at HK$18.88, a premium of 3.8 per cent from its offer price of HK$18.18. The Shenzhen-listed maker of lens products raised HK$4.77 billion (US$611 million) in its Hong Kong IPO at the top end of an expected range. 'Today's listing of Lens in Hong Kong marks a significant milestone in [the company's] global strategy,' said chairwoman Chau Kwan Fei. 'We will use Hong Kong as a lever to integrate international capital with Lens's manufacturing strengths and the Chinese market, sharing in the growth dividends of Chinese manufacturing.' Chau Kwan Fei, the chairwoman of Lens Technology, spoke before the trading debut of her company's shares on the Hong Kong stock exchange on July 9, 2025. Photo: Aileen Chuang Shenzhen-listed chip designer Fortior Technology (1304) rose 8.5 per cent to HK$130.80 after raising HK$2.26 billion. It priced its shares at HK$120.50 each.
South China Morning Post
32 minutes ago
- South China Morning Post
China's consumer prices rise in June, but deflation worries persist
China's consumer prices rose for the first time in five months in June, but the modest gain still pointed to persistent weak demand in the world's second-largest economy amid an unprecedented trade war with the United States. Advertisement The national consumer price index (CPI), a key gauge of inflation, rose 0.1 per cent year on year last month, according to data released by the National Bureau of Statistics on Wednesday. The reading came in above a forecast of a 0.03 per cent drop provided by the financial data provider Wind based on a poll of Chinese economists. In May, the metric saw a 0.1 per cent year-on-year decline. China is grappling with persistent deflationary pressure driven by a combination of sluggish domestic demand and industrial oversupply, with the trade war further hindering producers' ability to clear excess inventory. Falling prices have become a serious concern for the Chinese government. Last week, the country's top leadership vowed to tackle 'disorderly low-price competition' during a meeting of the Central Financial and Economic Affairs Commission, the Communist Party's highest economic policymaking body. Advertisement
South China Morning Post
34 minutes ago
- South China Morning Post
Hong Kong uniquely placed to help fill global public goods gap left by US
USAID, long one of the foremost tools of US soft power, ended its six decades as an independent agency on July 1 , with no details on how it had been reviewed disclosed. Meanwhile, the China-initiated International Organisation for Mediation (IOMed), made a high-profile debut in Hong Kong in May. Foreign Minister Wang Yi attended the inauguration and stressed looking for ways to resolve issues 'so as to lend our thoughts to countries seeking to resolve problems or disagreements with others'. This sentiment stands in opposition to the White House's statement that the US foreign aid industry is misaligned with American interests. The juxtaposition reaffirms the notion that China is filling the gap left by the US. As Beijing takes a more proactive role in international development, amid expectations from the Global South , Hong Kong – China's most cosmopolitan city – has a new path to prominence as a hub for public goods. The US development sector has been steadily dismantled in the past six months , with key institutions decimated and professionals displaced. The sector's foundational beliefs have been assaulted by a trifecta of fallacies. First, the 'America first' mentality neglects soft-power cultivation while pitting overseas and domestic investments against each other. To US President Donald Trump, foreign aid is merely another drain on the federal budget advancing wasteful agendas. Rather than fostering a long-term strategic approach through providing assistance, he prioritises extracting gain from allies and developing nations. If the American influence apparatus is not doomed, it is at least navigating a more myopic track with narrowed horizons.
