Unemployment in Hong Kong
Hong Kong - UnemploymentOngoing protests contributed to the softest expansion in nearly a decade in Q2 and data for Q3 suggests activity remains dismal. Retail sales plunged in July, while the PMI continued declining in July-August. Moreover, public unrest, trade tensions and weaker domestic growth are weighing on the all-important Hong Kong real estate market, which bodes poorly for investment and business confidence. That said, July’s pick up in domestic credit growth should be buffering domestic demand. In other news, Fitch Ratings downgraded Hong Kong’s credit rating one notch from AA+ to AA with a negative outlook on 6 September, citing turmoil with China denting the island’s reputation for stability and ease of doing business. In politics, Carrie Lam, Hong Kong’s chief executive, announced the withdrawal of the extradition bill in early September, however, the move did little to calm protests.
Hong Kong - Unemployment Data
5 years of economic forecasts for more than 30 economic indicators.
Hong Kong Unemployment Chart
Hong Kong Facts
|Bond Yield||1.04||3.38 %||Sep 04|
|Exchange Rate||7.84||-0.11 %||Sep 04|
|Stock Market||26,523||-1.92 %||Sep 04|
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September 4, 2019
The IHS Markit Purchasing Managers’ Index (PMI), plunged from 43.8 in July to 40.8 in August, marking the lowest reading since February 2009 amid mass protests and elevated global trade tensions.
August 30, 2019
Retail sales by volume dipped 13.0% year-on-year in July, a notable deterioration from June’s 7.6% contraction.
August 20, 2019
Inflation was stable at June’s 3.3% in July.
August 16, 2019
The economic environment has soured notably as large-scale pro-democracy protests, which were sparked by an extradition bill which has since been shelved, entered their third month in August.
Hong Kong: Economic growth slows for fifth consecutive quarter in Q2; near-term prospects look bleak
August 16, 2019
The economy slowed for the fifth consecutive quarter in the second quarter, with year-on-year growth dipping to 0.5%, a notch down from Q1’s 0.6% expansion.