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Hong Kong jobless rate improves
By Alex Frew McMillan
HONG KONG, China (CNN) -- Hong Kong's jobless rate improved slightly to 7.1 percent for the three months through November, the government said Monday. That was slightly better than expected and a minor improvement from the 7.2 percent unemployment rate for the quarter through October. Underemployment was steady at 3.0 percent for both periods. The city's jobless rate hit an unprecedented 7.8 percent in July and has shown slow but steady progress since then. Jobs up in construction, exportsFor the quarter through November, hiring picked up in construction, the import/export trade, real estate, finance and recreational services.
That offset declines in employment in building maintenance, wholesale and retail, and business services. The total work force climbed slightly, by around 6,000 people, to 3.52 million. The government said Hong Kong's exports are improving, with merchandise exports up the past two months, and logistics and shipping are also faring better. The Hong Kong port, one of the busiest in the world, is seeing record container business, projected to hit 18.6 million containers this year, up 4.6 percent over 2001. Anti-sedition law questionedThe city has its challenges, however. By some estimates, 60,000 people marched on the legislative council building on Sunday to protest an anti-subversion law critics say will erode civil liberties. (Full story) Business interests including leading banks and the American and British chambers of commerce have lodged their criticism of Article 23, which they say could hurt business and hamper freedom of speech. The economies of East Asia are also a far cry from those in Southeast Asia, which look set for strong growth in 2003, albeit off a small base. Thailand's economic development body said on Monday that the country's economy will grow 4.9 percent this year, with growth approaching 4.5 percent next year. (Full story) Meanwhile, the export-dependent developed East Asian economies of Hong Kong and Taiwan, as well as Singapore in Southeast Asia, are struggling to claw their way back from recession. Hong Kong stocks fell 0.74 percent on Monday, in line with a regional slide, leaving the Hang Seng at 9,656.46. (Asian roundup)
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