Hong Kong Unemployment Steady at 3.3% in July


In July of 2013, the seasonally adjusted unemployment rate stood at 3.3 percent, the same as that in June. Total employment grew steadily further to another record high and was able to absorb about two-thirds of the additional labour supply.

Total employment increased by around 4 400 from 3 745 100 in April - June 2013 to 3 749 500 in May - July 2013.  Over the same period, the labour force also increased by around 6300.

The number of unemployed persons (not seasonally adjusted) increased by around 1900 from 132100 in April - June 2013 to 134000 in May - July 2013.  Over the same period, the number of underemployed persons decreased by around 2 600 from 61 400 to 58 800. The underemployment rate decreased from 1.6 percent to 1.5 percent.

On the short-term outlook, the Secretary for Labor and Welfare, Mr Matthew Cheung Kin-chung, said, "Labour demand will likely stay firm on the back of resilient domestic demand, thereby leading to broadly stable labour market conditions in the near term.  Notwithstanding this, there are still considerable uncertainties overcasting the global economic outlook, in particular the future direction of the US monetary policy and the recent slowdown in the emerging economies." 

"The employment situation of fresh graduates and school leavers of the last two years held up rather well.  As high as 92.2 percent of those aged 15-25 in the labour force who had completed studies in 2011 found employment as at May - July 2013. As for those who had completed studies in 2012, almost 90 percent of them have also found employment. "

Hong Kong Unemployment Steady at 3.3% in July


Census and Statistics Department | Joana Taborda | joana.taborda@tradingeconomics.com
8/19/2013 10:06:53 AM