Hong Kong’s jobless rate likely to have remained low in September

Hong Kong’s labor market data for September is set to be released this week. Owing to the strong local economic growth, the labor market is likely to have remained tight, according to a DBS Bank research report. Rebound in inbound tourism and domestic consumption is likely to have underpinned the labor market in the third quarter of this year. Visitor arrivals and retail sales value rose 17.4 percent and 12.5 percent year-on-year, respectively.

The seasonally-adjusted jobless rate is likely to have remained close to a 20-year low of 2.8 percent, stated DBS Bank. Looking forward, the possible repercussion from the Sino-US trade friction on the stock market warrant attention. Hang Seng Index fell to 25,000 from its year-high of 33,000 points of late.

“The negative wealth effect to the local spending sentiment might blow headwinds to the retail sector as well as the labour market”, added DBS Bank.