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Hard-hit by the prolonged social unrest, the food and beverage sector in Hong Kong has seen its unemployment soar to the highest level in more than eight years as the overall unemployment rate edged up to 3.2 percent, the highest in two years.
The protest violence gripping the city since mid-June has taken a heavy toll on the city"s retail, accommodation and food services sectors.
The unemployment rate of the food and beverage service sector rose to 6.2 percent, the highest level in more than eight years, while the unemployment rate of the consumption- and tourism-related segment rose to a three-year high of 5.2 percent, according to Census and Statistics Department data released on Tuesday.
The overall labor market also showed signs of deterioration, with the seasonally adjusted unemployment rate of the city increasing from 3.1 percent during August through October to 3.2 percent from September through November.
Secretary for Labour and Welfare Law Chi-kwong said: "The labor market will be under even more pressure in the near term if the overall economy continues to weaken. The government will monitor the developments closely."
OCBC Wing Hang Economist Carie Li Ruofan echoed Law"s concerns. "As social unrest shows no sign of termination, the business environment for the retail, accommodation and food services sectors is set to worsen, with their unemployment rate to continue going up," she said.
The Labour Department will organize large-scale job fairs such as the North District Recruitment and Training Expo 2020 on Jan 3. More than 60 employers will participate in those job fairs, offering a large number of job vacancies from various industries. In addition, industry-based or district-based job fairs are regularly organized at the department"s industry-based recruitment centers and job centers located across the city.