No Unemployment Problem in the World's Freest Economy

Stefan Karlsson notes:

While America and many other Western countries suffer from high unemployment, unemployment declines rapidly in the world's freest economy, Hong Kong. Compared to a year earlier, the unemployment rate has dropped from an already relatively low 5.5% to 4.2%, while the underemployment (people with part-time jobs that wants full-time jobs) rate has dropped from 2.4% to 1.9%.

While unemployment is still somewhat higher than during the lows reached during the previous economic boom, Hong Kong unemployment is only slightly above pre-crisis levels and is among the lowest in the world in an absolute sense.