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Employment News: Hong Kong’s Unemployment Rate Falls to 15-Month Low

by on April 29, 2010

Businessweek recently reported some good news for job seekers in Hong Kong.  Hong Kong’s jobless rate fell to a 15-month low as the seasonally adjusted unemployment rate for the three months ended March 31 slid to 4.4 percent.
‘Unemployment ‘‘is likely to ease further’’ amid a pick-up in the economy, Secretary for Labor and Welfare Matthew Cheung said last month. Hong Kong’s retail sales rose at the fastest pace in more than 20 years in February as the jobless rate fell and gross domestic product expanded in the nine months through December after a yearlong recession.  ‘‘The better labor market outlook should strengthen consumer sentiment,’’ Janus Chan, an economist at HSBC Holdings Plc, said in Hong Kong before the report. ‘‘Domestic residents are more willing to spend and thus benefit private consumption.’’

The city’s first-quarter economic report is due on May 14.

“More jobs will likely be created in the next one or two months even as the labor supply increases with fresh graduates and school leavers entering the workforce, Cheung said today.  ‘‘The employment outlook depends much on how well the economy can sustain the current momentum, thereby creating jobs to absorb these first-time job-seekers,’’ he said.’

You can read the full story HERE.

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