Macroeconomic Forecast Hong Kong

BMI View: Hong Kong's seasonally-adjusted unemployment rate fell to 4.0% for the three months ending December, the lowest reading since November 2008. The decline came despite an increased labour force, signalling improving labour market conditions. Indeed, the total number of employed rose by 21,900 while the number of unemployed fell by 7,000. The construction industry posted the sharpest improvement, with the unemployment rate falling from 5.6% in November to 4.8% in December. However, we continue to expect weaknesses in the local property market and the implementation of the minimum wage law (in May) to put downward pressure on employment.

To read the full article, please choose one of the following options: