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Hong Kong's jobless rate holds at 5.3%, beats forecasts

Hong Kong's jobless rate stayed at 5.3 percent in March-May from the previous quarter, raising hopes that the worst might be over for the Asian economy.

Analysts had expected a rise to 5.5 percent, as the recession pushed the island's unemployment to a near four-year high.

The government said its measures to create jobs are gaining traction but warned that unemployment could still rise further.