Hong Kong‘s employment situation continues to deteriorate as the unemployment rate reaches its highest level in 17 years. More than 261,600 people are currently unemployed, with the unemployment rate reaching 7.2% in the three months to February, the highest level in 17 years, the Hong Kong Census and Statistics Department said on Tuesday (March 16).
The seasonally adjusted unemployment rate rose from 7.0% in November 2020 to January 2021 to 7.2% in December 2020 to February 2021, according to the latest labor force statistics for Hong Kong. The underemployment rate (underemployment rate) also rose from 3.8% to 4.0%.
Both figures are at a 17-year high. The number of unemployed increased by about 8,300 over the previous three months, and the number of underemployed increased by about 6,400 over the same period. Unlike total unemployment, underemployment means that work is still available, but the employed person can only complete a fraction of the standard working hours.
Hong Kong Secretary for Labour and Welfare Law Chi-kwong said unemployment is worsening in most sectors, especially in the import/export trade, postal and courier industries, Education, arts, entertainment and recreational activities.
Law added that the rise in underemployment was mainly seen in the retail trade, Food and beverage services and arts, entertainment and recreation sectors.
Analysed by industry, the unemployment rate of industries including retail, accommodation and food services and consumer and tourism-related industries, although slightly down 0.2 percentage points from the previous period, is still as high as 11.1%; among them, the unemployment rate of food service activities industry has dropped from 14.7% to 14.1%, which is the highest unemployment rate; the unemployment rate of retail industry has increased from 8.9% to 9.1%.
Mr. Lo expects that the labor market will continue to face challenges in the short term, as the Epidemic is not yet fully under control and tourism is still “frozen” in Hong Kong. However, he believes that with the vaccination program, the threat of the epidemic should gradually recede and help ease the pressure on the labor market later this year.
Analysts pointed out that the deteriorating employment situation in Hong Kong is not only a factor of the New coronavirus outbreak, but also an important factor of the social unrest in Hong Kong in the last two years, which is leading to the long-term recession of the Hong Kong economy.
Besides, the Hong Kong Institute of Public Opinion Research (or HKIPR) released its poll results on Tuesday, showing that the approval rate of Hong Kong Chief Executive Carrie Lam Cheng Yuet-ngor is only 18%, while the disapproval rate is as high as 72%. Formerly known as the Public Opinion Programme of the University of Hong Kong, HKUPOP was incorporated on its own in early 2019, and has been regarded as a pro-pan-democratic pollster.
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