Hong Kong has seen an unexpected, but welcome fall in its unemployment rate to 3.3 per cent, the lowest in 10 years. The seasonally regulated jobless rate was expected to stay at 3.4 per cent.
As global demand pales, the city relies on a healthier labor market,
lower interest rates and tax relief to support household expenditure.
It is reported that export, visitor and capital flows from Chinese
mainland has played a major role in job creation in Hong Kong and
according to Kevin Lai with the Daiwa Institute of Research in Hong
Kong, “Domestic demand will remain robust amid a solid labor sector.”
As we reported last week, Hong Kong's economy grew 7.3 per cent year-on-year in the first quarter of 2008.
Deutsche Bank AG, Germany's largest bank, plans to expand its office
capacity in Hong Kong by 2010 which will create as many as 4,000 jobs.
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Hong Kong has seen an unexpected, but welcome fall in its unemployment rate to 3.3 per cent, the lowest in 10 years. The seasonally regulated jobless rate was expected to stay at 3.4 per cent.
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