Hong Kong's Jobless Rate Unchanged at 3.4%

The seasonally adjusted unemployment rate in Hong Kong came in at 3.4 percent in three months to July of 2016, unchanged from the previous period and remaining at the highest level since 2013 for the fourth consecutive month. The underemployment rate was also steady at 1.4 percent in the two periods.
Census and Statistics Department | Yekaterina Guchshina | yekaterina@tradingeconomics.com 8/18/2016 9:57:32 AM
Comparing the three months to July of 2016 with the previous period, unemployed persons (not seasonally adjusted) increased by around 2 700 to 138 800. Over the same period, the number of underemployed persons also increased by around 1 400 to 55 500.

Movements in the unemployment rate (not seasonally adjusted) in different industry sectors varied. Increases were mainly seen in the warehousing and support activities for transportation sector while a decrease was mainly seen in the construction sector. As to the underemployment rate, an increase was mainly observed in the construction sector while a decrease was mainly seen in the information and communications sector. 

Total employment increased by around 4 300 from 3 807 100 in April - June 2016 to 3 811 400 in May - July 2016. Over the same period, the labour force also increased by around 7 100 to 3 950 300.

The near-term employment outlook is still clouded by the lingering external headwinds and their potential repercussions on local business sentiment. The easing trend in labour demand across a number of sectors remains a cause for concern.

Hong Kong