Hong Kong labor market likely to have remained tight in April, jobless rate to have stayed at 2.9 pct

The Hong Kong economy recorded a strong economic growth in the March quarter, where the real GDP expanded 3.8 percent year-on-year. Owing to the solid economic growth, the labor market is expected to have remained tight, noted DBS Bank in a research report.

Rebound in the inbound tourism, along with the buoyant equity market is likely to have underpinned the overall employment situation. Visitor arrivals and retail sales value rose 10.9 percent and 14.3 percent, respectively. Meanwhile, the Hang Seng Index remained above 30,000 as of April. These two sector contribute about 40 percent to the total employment.

“The seasonally-adjusted unemployment rate is therefore expected to stay at a 20-year low of 2.9 percent”, added DBS Bank”.

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