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Hong Kong unemployment edges up to 3% in March quarter

Hong Kong’s unemployment rate rose slightly to 3% in the March quarter, with an increase of 9,400 unemployed persons. Unemployment rates went up across most major sectors. Despite this, the labour market is expected to stay tight due to continued economic growth, noted Chris Sun Yuk-han, Secretary for the Labour and Welfare Bureau. Meanwhile, both exports and imports saw declines in February, falling 6.2% and 6.8% year-on-year, respectively, although prices for both increased by over 5%. In other economic news, the accounting sector’s confidence in the global economy reached a record high since early 2023, driven by positive developments in the US, China, and Japan. However, cost concerns in the industry have intensified, with an increasing number of CFOs worried about expenses.


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