Hong Kong’s unemployment rate remained unchanged during the three-month period ending June; however, the labor market outlook still remained foggy due to the city's economic slowdown, especially after the UK's brexit vote on June 23 and the slowdown in Chinese economy.
Hong Kong’s unemployment rate remained flat at 3.4 percent during the month of June, data released by the Census and Statistics Department showed Tuesday. The seasonally adjusted jobless rate also remained unchanged from the March to May period, well below the 3.5 percent median forecast by market participants.
The recent slowdown in the Chinese economy has weighed on Hong Kong’s job market. However, the unemployment rate did not slide, which is indeed a positive sign, signaling that the country’s labor market is not at least faltering.
"The employment outlook remains overshadowed by the increased external headwinds and the concurrent slowdown in inbound tourism and the local consumption market," said a Hong Kong official of the Department of Census and Statistics on Tuesday.
Meanwhile, the ongoing financial market repercussions that are throttling the world economy, with incidents like Brexit, Turkey's military coup attempt and other political and social disturbances are likely to weigh on Hong Kong’s employment factor.
