Hong Kong unemployment rate hits highest in more than nine years

Hong Kong’s unemployment rate rose to the highest in more than nine years in the first quarter as the coronavirus dealt a sharp shock to an economy already in recession.

The seasonally adjusted jobless rate in January-March rose to 4.2% from 3.7% in the previous three-month period, government data showed on Monday.

The underemployment rate hit nearly a decade high of 2.1%, from 1.5% in the previous three-month rolling period, Reuters reported.

Total employment fell by around 48,800 to 3.72 million.

The year-on-year declines in total employment and the labour force widened further to 3.6% and 2.2% respectively, both the largest on record.