Hong Kong - Hong Kong's unemployment rate fell for the second consecutive month, another sign of its economic recovery, according to government figures Tuesday. Hong Kong's jobless rate fell by 0.1 percentage points to 5.2 per cent of the working population for the period August to October, compared to 5.3 per cent for July to September.
Unemployment figures in Hong Kong are released every month and are based on the most recent available quarterly figures for the city of 7 million, which has a working population of 3.6 million.
The jobless rate peaked at 5.4 per cent over the summer, after rising gradually from 3 per cent last year, and had been expected to soar as high as 7 per cent because of the global slump.
But it fell from to 5.3 per cent in October before today's second consecutive monthly drop, in a trend the government described as encouraging.
"In particular, the unemployment rate for youths aged 15 to 19 has dropped notably by 3 percentage points to 22.7 per cent, indicating that the youth employment situation is gradually improving," Secretary for Labour Matthew Cheung said.
"It is (also) clear that the government's all-out efforts to create jobs in the construction sector are continuing to bear fruit."
Hong Kong emerged this autumn from a year-long recession and in recent months has seen property prices soar and the Hang Seng Index climb to a 16-month high.
