Hong Kong - Job creation in Hong Kong has fallen to its lowest level in 30 months as the global financial crisis takes its toll, according to a survey published Wednesday.

The number of jobs created by the average company in the wealthy city of 6.9 million during the third quarter of 2008 was 0.51, lower than for the previous quarter and the same period in 2007.

Announcing the survey findings, the Institute of Human Resource Management said it expected job creation in Hong Kong to worsen with further decreases in 2009.

The institute, which calculated job creation rates by the number of news jobs minus jobs cut in around 1,000 Hong Kong companies, said the third quarter rate was the lowest since early 2006.

Institute spokesman Lai Kam-tong said he expected to see less job creation in the months ahead but stopped short of predicting a slide into negative job growth.

He appealed to companies to lay off staff only as a last resort, warning that if talented employees were dismissed, businesses would take longer to recover when the economic tide turns.

Hong Kong is officially in recession as a result of the global economic slump which has hit property prices hard and seen Hang Seng Index shed almost 40 per cent of its value since late September.

The city's jobless rate has meanwhile risen to 3.5 per cent after two consecutive monthly increases. Unemployment hit a record 8 per cent at the peak of the 2003 SARS respiratory disease crisis.
(dpa)