Unemployment in Hong Kong
Hong Kong - UnemploymentThe economy likely contracted year-on-year in Q4 2019 at a slightly steeper pace. Private consumption will have languished in Q4 as retail sales contracted at a sharper pace in October–November than in Q3, while visitor arrivals were down nearly 50% in the same period and the unemployment rate ticked up in the full quarter. Moreover, business sentiment nosedived and the average manufacturing PMI reading worsened in Q4. On 20 January, Moody’s downgraded Hong Kong’s credit rating to Aa3 from Aa2, largely due to the government’s lack of effective response to the social unrest. A month prior, the IMF recommended Hong Kong continues with counter-cyclical fiscal support, noting prevalent domestic and external economic headwinds. That said, the Fund also highlighted that net capital outflows are so far limited.
Hong Kong - Unemployment Data
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Hong Kong Unemployment Chart
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|Bond Yield||1.82||3.38 %||Dec 31|
|Exchange Rate||7.79||-0.11 %||Jan 01|
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February 5, 2020
The IHS Markit Purchasing Managers’ Index (PMI) rose to 46.8 in January (December: 42.1), but remained below the 50-threhold that indicates an improvement in the private sector economy over the previous month.
February 4, 2020
Retail sales by volume declined 21.0% year-on-year in December, although less sharply than November’s revised 25.5% plummet (previously reported: -25.4% year-on-year).
February 3, 2020
A preliminary GDP reading showed the economy contracted at the sharpest pace since Q2 2009 in the final quarter of last year, as mass protests battered domestic demand while the U.S.-China trade war and its own political rift with the mainland weighed on the external sector.
January 21, 2020
Inflation ticked down to 2.9% in December from 3.0% in November.
January 6, 2020
The IHS Markit Purchasing Managers’ Index (PMI) picked up to 42.1 in December (November: 38.5), but remained well below the 50-threhold that indicates an improvement in the private sector economy over the previous month.