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Unemployment in Hong Kong declined to 3.2%


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2014-04-27 13:10:20 - The unemployment rate in Hong Kong fell 0.1 % to 3.2% in December.



Experts interviewed by The Wall Street Journal, predicted conservation unemployment at 3.3% mark.

Activation of the business sector in late January, the eve of the arrival of the Lunar New Year, will support the labor market, according to the Secretary for Labour and Welfare Matthew Cheung.

He also noted that the unemployment rate will remain at the low levels in the short term.
"Nevertheless, we must be vigilant and monitor the situation closely, studying the effects of environment on the development of the labor market", - said Cheng.

Peak unemployment rate in Hong Kong was in June - August 2009, when it stood at 5.5%.

Also, the growth rate of retail sales in Hong Kong has slowed, according to the Hong Kong Census and Statistics

Department.

In December, retail sales adjusted for seasonal factors, rose by only 5.7% compared to the same period in 2012.

The result was much lower than November - November retail sales rose by 8.5% year on year. The growth rate was also weaker than forecasts of experts who predicted an increase in retail sales by 7.3%.


More detiled outlook Hong Kong business and finacial sector can be found at hk-banks.com





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