Hong Kong Unemployment Falls

The unemployment rate in Hong Kong has fallen for the three months from February and has fallen to its lowest level in more than 10 years.

The unemployment rate was at 3.3 percent between February to April which is down from 3.4 compared to the prior 3 months.

The major shifts in this period are as a result of the fact that banks and retailers are recruiting as the city benefits from its ties to China which is currently the world’s fastest-growing major economy causing the demand for labour to remain high.

The reduction in the unemployment rate and the buoyancy of the labour market has boosted consumer spending, as household spending jumped 7.9 percent and this has meant that funds have helped to sustain growth in the city despite the global trends.

Similarly the average wage increased by 2.7 percent in December from last year.

Currently Deutsche Bank AG, Germany’s largest bank, has 1,500 workers in Hong Kong but is now looking to expand its office capacity in Hong Kong by 2010 to boost numbers in the region of 4,000 workers.

Hong Kong’s own economy grew 7.1 percent in the first quarter, which is its fastest pace in two years.

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