Unemployment Remains Low in Hong Kong

Between October and December 2014, Hong Kong maintained a low unemployment rate of 3.3 percent, according to data released by the Census and Statistics Department of the Hong Kong Special Administrative Region government.

Xinhua reported that this number followed 2014’s unemployment trend for the area, which remained low throughout the past 12 months. The overall jobless rate for the year averaged at 3.2 percent, down from 3.4 percent in 2013. Nasdaq also noted that these low numbers were largely on par with economists’ predictions. 

Some of the industries that contributed to this positive growth included the service activities, retail and food and beverage sectors, explained Xinhua. Fields that declined in their hiring practices were the real estate, information and communications industries. 

Matthew Cheung, secretary for labor and welfare, explained that a number of factors contributed to the strong labor situation, reported Xinhua. The city’s Occupy movement came to a close right as the Christmas season was beginning. Additionally, Hong Kong has been experiencing strong consumer sentiment and increased tourism, both of which encourage hiring practices. 

Looking forward to 2015, Cheung believes the unemployment rate will remain fairly low, though he recognizes that the region will need to work hard and stay vigilant to ensure that it does not rise.