Hong Kong Unemployment Rate Steady At 3.3%
The seasonally adjusted unemployment rate in Hong Kong stood at 3.3 percent in the three months to February 2017, the same as in the previous period. The underemployment rate decreased to 1.2 percent from 1.3 percent in November 2016 - January 2017. The jobless rate benefited from the relative improvement of inbound tourism and in more buoyant business activities during the festive period.
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On a non-seasonally adjusted basis, an increase was mainly seen in the decoration, repair and maintenance for buildings sector while a decrease was mainly seen in the real estate sector. The number of unemployed persons fell by around 1.7 thousand to 119.4 thousand and employment rose by 15 thousand to 3.82 million. Also, the labour force increased by 13.3 thousand to 3.94 million.
The labour market is expected to remain tight in the near term. The employment outlook still hinges on the play-out of various external uncertainties on the local economy.