Hong Kong's job market starts weakening as recession deepens

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HongKong's job market starts weakening as recession deepens

While Hong Kong's overall unemployment rate has remained at 2.9 per cent since July, close to a record low, that strength is waning. The October jobless figure will be released later today and is forecast to rise to 3 per cent.

Things were even worse in the food and beverage sector, where unemployment hit a six- year high of 6.0 per cent. With the protests showing no signs of ending, shopping malls, restaurants and the subway system will likely continue to close early, said Ines Lam, an economist at CLSA Ltd. At the same time, the arrival of a recession means workers may not enjoy the mobility they once had, as options for alternative employment within sectors diminish.

The real pain is expected to begin surfacing in the new year, when months of protests start to more deeply affect spending patterns.

 

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