Unemployment rate in Hong Kong retreats to the lowest in 20−months
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THE TECHNIQUE OF GIVING A GOOD MASSAGE
14 years ago
Thursday, September 16, 2010
, Posted by Usman Ali Minhas at 11:43 PM
The Hong Kong economy released today its statement, showing that unemployment declined during the month of August to the lowest level in 20-months, reflecting that consumer spending increased, and helping the city to keep its recovery this period.
Honk Kong's unemployment rate seasonally adjusted monthly reading reached 4.2% in August, while the analysts' expectations indicated that jobless rate in Hong Kong will stay at 4.3%, unchanged from May to July.
On the other hand, Hong Kong city reported that the economy expanded for the third consecutive quarter, from a year earlier, while analysts noted the global demand for Hong Kong exports may decline in upcoming period, which has a negative effect on the nation's growth.
Furthermore, Hong Kong announced that the nation's property market maybe facing worse threats than those in 1997, in case prices continue to rise alongside interest rates in the upcoming period.
Analysts are cautious regarding an asset bubble formation, especially from main-land China, while the property markets increased during last period quite rapidly, which may drop if the prices are going to increase in upcoming period. The government pledged to raise land supply to curb house prices that surged about 47% since the start of 2009.
The government said that the introduction of a minimum wage next year will push up costs for workers such as dairy farm international holding Ltd. (which is an operator of 7-elven convenience stores in Hong Kong), whereas anticipations show that the legislation may lead to job cuts, including for the unskilled and the elderly.
Today's statement said the recently figures showed that graduates and school leavers had been able to secure jobs over the summer.
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