Hong Kong Unemployment Rate Down to 3.3% in June

The seasonally adjusted unemployment rate decreased to 3.3 percent in the three-months-to-June, from 3.4 percent at the end of May, as labor demand stayed firm and total employment inched up. The underemployment rate remained unchanged at 1.6 percent in the two periods.
Census and Statistics Department | Joana Taborda | joana.taborda@tradingeconomics.com 7/18/2013 9:51:33 AM
Comparing April - June of 2013 with March - May, decreases in the unemployment rate (not seasonally adjusted) were mainly observed in the warehousing and support activities for transportation, decoration, repair and maintenance for buildings, and food and beverage service activities sectors. As to the underemployment rate, an increase was mainly observed in the transportation sector, while a decrease was mainly seen in the foundation and superstructure works of the construction sector.

Total employment increased by around 9 600 from 3 735 500 in March - May 2013 to 3 745 100 in April - June 2013. Over the same period, the labor force also increased by around 7 500 from 3 869 700 to 3 877 200.

The number of unemployed persons (not seasonally adjusted) decreased by around 2 100 from 134 200 in March - May 2013 to 132 100 in April - June 2013. Over the same period, the number of underemployed persons also decreased by around 1 800 from 63 200 to 61 400.

Commenting on the latest unemployment figures, the Secretary for Labor and Welfare, Mr Matthew Cheung Kin-chung, said, "The labor market remained tight in the second quarter of 2013, thanks to the prevailing strength on the domestic front. Total employment grew further to another record high, more than absorbing the concurrent expansion in the labor force. Labor demand is likely to stay firm on the back of a resilient domestic sector, thereby helping to keep the unemployment rate at a relatively low level in the near term. Nevertheless, we will remain vigilant to the external uncertainties, notably the pace at which the United States quantitative easing measures will taper and the evolving global economic situation, and their potential impacts on the local economy and labor market."

Hong Kong Unemployment Rate Down to 3.3% in June