Unemployment dips to 2.9% in October-December

It’s the first time the unemployment rate dropped below 3% mark in almost twenty years.

Unemployment fell to 2.9% in the October-December quarter, according to the Census & Statistics Department.

C&SD notes that there were a total of 109,800 unemployed persons and 42,100 underemployed.

Secretary for Labour and Welfare Dr Law Chi-kwong noted that the improvement in the unemployment situation was seen in the retail, financing and professional services sectors. 

Total employment rose to 3,850,600 whilst the labour force hit 3,960,400.

“The overall benign economic conditions are expected to keep the labour market tight in the near term,” added Dr Law, adding that the quarterly figures marks the first time that the unemployment rate has dropped below 3% in nearly two decades.