HONG KONG, March 17 (Xinhua) -- Hong Kong's unemployment rate increased to 3.7 percent, the highest level in more than nine years, in the period between December 2019 and February this year, with that of consumption- and tourism-related sectors reaching a 10-year high of 6.1 percent, the Hong Kong Special Administrative Region (HKSAR) government said on Tuesday.
According to the latest labor force statistics released on Tuesday by the HKSAR government's Census and Statistics Department, the seasonally adjusted unemployment rate in December 2019-February 2020 rose by 0.3 percentage point compared to the November 2019-January 2020 period, with the underemployment rate reaching a five-year high of 1.5 percent.
In the December 2019-February 2020 period, total employment dropped by around 34,400 to 3,768,800, and the labor force decreased by around 22,500 to 3,903,000, comparing to the November 2019-January 2020 period.
The HKSAR government's Secretary for Labor and Welfare Law Chi-kwong said that the labor market deteriorated sharply as the COVID-19 epidemic caused severe disruptions to a wide range of economic activities and dampened economic sentiment.
Law pointed out that the employment situation of consumption- and tourism-related sectors exacerbated further, as the threat of the COVID-19 infection had brought inbound tourism to a standstill and dealt a severe blow to consumption-related activities.
The unemployment rate and the underemployment rate of these sectors combined surged to 6.1 percent and 2.5 percent respectively, both the highest in about a decade.
Meanwhile, the unemployment and underemployment situation in the construction sector also deteriorated drastically, as construction activities saw visible slowdown.
Law noted that the labor market will be subject to even greater pressure in the near term, and the exact impact will hinge on the duration and severity of the pandemic around the world. The HKSAR government will monitor the developments closely, said Law.
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