KOREA, HK REPORT BETTER-THAN-EXPECTED UNEMPLOYMENT DATA

HONG KONG - Better-than-expected unemployment outturns reported by two of the region’s more open economies – Korea and Hong Kong – underscore the region’s relative resilience. Despite slowing economic growth, Korea’s seasonally adjusted unemployment rate fell to 3.1% in July (consensus: 3.3%) from 3.2% in June, on strong growth in self-employed workers. BBVA Bank says the out-turn was a welcome sign for Korea, where the labour market has tightened (unemployment has fallen from 3.7% in February) even as the participation rate has increased (to 62.2% in July, from 60.0% in February).