HONG KONG - Hong Kong's unemployment rate has fallen to 3.4 percent, its lowest level since before the global financial crisis pounded the city's export-oriented economy, the government said Tuesday.
The unemployment rate for the January-March period was down from 3.6 percent in the December-February period, and is at its lowest since the economic meltdown towards the end of 2008, the Census and Statistics Department said. The rate peaked at 5.5 percent in mid-2009. Tuesday's figure was also below the median 3.6 percent forecast of 10 economists surveyed by Dow Jones Newswires. The southern Chinese city's total employment increased to about 3.57 million people amid hiring in various sectors including courier and postal services. "In view of the still strong economic performance and positive hiring sentiment in the corporate sector, the unemployment rate is likely to remain at low levels in the near term," said Matthew Cheung, Hong Kong's labour secretary. But he warned the city would "remain vigilant in monitoring any economic and employment implications" amid concerns about Japan's nuclear crisis and the impact of the upcoming introduction of the city's first minimum wage. Hong Kong in January passed the city's first minimum wage law amid concerns about a growing income gap in the city of seven million, but critics have warned the move could lead to job losses for thousands of low-paid workers. The new law is scheduled to take effect May 1.AFP