What’s new: The official unemployment rate in Hong Kong has climbed to its highest level in 15 years, hitting 5.9% for the March to May period, official data showed Tuesday.
Unemployment was up 0.7 percentage points from 5.2% for the the period between February and April this year, reaching its highest point since 2005, surpassing the figure recorded following the global financial crisis in 2008.
The background: The jump came as the Covid-19 pandemic has plunged the city's economy deeper into recession following months of social unrest.
Looking ahead, the Hong Kong government expects no relief in the labor market in the near term.
"While the local epidemic situation has abated, it will take time for local economic activities to return to normal. The external environment also remains difficult as the pandemic continues to weigh on the global economy, “ said Law Chi-kwong, the Secretary of Labor and Welfare.
Related: Hong Kong Unemployment Surges to Record High in Wake of Coronavirus Outbreak
Contact reporter Mo Yelin (yelinmo@caixin.com) and editor Marcus Ryder (marcusryder@caixin.com)
