The unemployment rate is the highest since January 2011. FMTNews HongKong
HONG KONG: Hong Kong’s jobless rate surged to the highest level in almost a decade in February as the full force of disruptions from the novel coronavirus outbreak hit the city’s already struggling businesses.
“The labour market will be subject to even greater pressure in the near term, and the exact impact will hinge on the duration and severity of the pandemic around the world.” Meanwhile, unemployment in construction “deteriorated drastically as construction activities saw a visible slowdown” while underemployment in transportation rose noticeably because of sharply reduced travel and cargo flows, Law said.
“The rise in the unemployment rate reflects how the economy is going through a severe downturn,” said Tommy Wu, a senior economist with Oxford Economics, before the jobless figures were released. Currently, confirmed cases in Hong Kong stand at 153 with four deaths, despite the city’s proximity to mainland China.
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