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Hong Kong’s unemployment rate unchanged in May

Hong Kong’s unemployment rate remains at 3% through May, according to data from the Census and Statistics Department, slightly above economists’ median estimate of 2.9%. The stagnant jobless rate comes amid an economic rebound, characterized by open borders and increasing consumer spending. To address labour shortages in services and other industries, Hong Kong has relaxed entry rules to bring in 27,000 foreign workers. Bloomberg economists have revised their growth forecasts for the city upwards, predicting a 4.6% growth this year, an increase from the previous 3.4% estimate. "The labour market should improve further in the coming months as the economy continues to recover," stated Chris Sun, Hong Kong’s secretary for labour and welfare.


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