Unemployment Rate in Hong Kong Falls for the third month to 6% in May

Source: Bloomberg 

Unemployment rate in Hong Kong fell to 6% in May, signaling the city’s likely step out from lengthy inflation. USDHKD is up 0.02%

• The 6% rate came below a consensus forecast of 6.2%.
• Unemployment rate came down for three months in a row, this was last witnessed in March 2011 when the rate fell for 5 consecutive months from November 2010.
• Number of unemployed persons went down by 14,200 from April to stand at 233,3300 in May, number of employed persons stood at 3.63 million, however the labor force reduced by 5,800.
• Containment of the pandemic could lead to low pressure on the labor market and lead to continued recovery of the economy.