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Aug 18, 2009, 9:41 GMT

Recovery hopes rise as Hong Kong jobless total holds steady

Hong Kong - Hopes that Hong Kong will make an early recovery from the global economic crisis rose Tuesday as government figures showed no rise in the city's jobless rate. The number of unemployed people in the May to July period stood at 5.4 per cent of the total workforce, the same percentage as in the previous April to June quarter. Hong Kong's unemployment rate had been predicted to hit 7 per cent in the summer as school and university leavers flooded on to the job market and the effects of the global crisis bit deeper. However, with almost 214,000 people in the city of 7 million jobless and unemployment still at its highest rate for four years, labour minister Matthew Cheung warned the slump was not yet over. The labour market had shown signs of stabilization, Cheung said in response to the figures, but he added: 'Business sentiment remains cautious and employers are conservative in hiring new hands. 'As the entry of fresh graduates and school leavers into the labour market usually peaks in August, the pressure on employment is expected to be fully reflected in the next two months.' Hong Kong's stock market has rallied strongly in recent months and the city's economy officially emerged from a year-long recession last week, registering growth for the first time in 2009.

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