HKD Falls Following Unemployment Announcement
• Unemployment Remains Steady at 3.3 Percent in January.
• HKD Depreciates After Unemployment Announcement.
The HKD depreciated against the USD on Tuesday, February 17th 2015, as unemployment remained steady from November 2014 through January 2015 at 3.3 percent, coming in line with leading economists’ expectations of 3.3 percent and unchanged from October 2014 through December 2014. When comparing the two periods, movements in the unemployment rate varied across multiple industries. Increases were observed in the wholesale, accommodation services, and food and beverage service activities sectors. Decreases on the other hand were observed in the foundation and superstructure works of the construction sector, the transportation sector, repair, laundry, domestic and other personal service activities sector.
Total employment in November 2014 through January 2015 increased by approximately 4,600 from 3,797,200 in October 2014 to December 2014 to 3,801,800. Over the course of the same period, the labor force also increased by 2,800 from 3,919,400 to 3,922,200. The number of unemployed persons (not seasonally adjusted) fell by approximately 1,600 from 122,100 in October 2014 to December 2014 to 120,500 in November 2014 through January 2015. Over the same period, the number of underemployed persons in November 2014 to January 2015 fell to 62,200 from 62,700 in October 2014 to December 2014.