Rate of job creation in China hits record high
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China led employment growth in emerging markets in the fourth quarter of 2009 when its rate of job creation reached a record high, the Hongkong and Shanghai Banking Corp. (HSBC) said in a report yesterday.
Employment in emerging markets increased for the second successive quarter, with the rate of job creation rising to a two-year high in the fourth quarter, the HSBC survey said. But the bank didn't disclose detailed data.
Brazil was second in creating jobs among the emerging market nations.
Manufacturers, rather than services, in the 14 emerging markets that HSBC surveyed, including Mexico, Russia and India, reported a stronger increase in employment, the bank said. But the survey indicated that the manufacturing industry experienced far greater job losses during the global economic downturn in 2009.
The increase in manufacturing was the fastest for five and a half years. The services sector saw the largest rise in employment since the third quarter of 2008.
The HSBC Emerging Markets Index rose to 56.1 in the fourth quarter from 55.3 in the third quarter. A reading above 50 signals expansion.
