Hong Kong Jobless Rate Steady at 3.4% in September

The seasonally adjusted unemployment rate in Hong Kong came in at 3.4 percent in three months to September of 2016, unchanged from the previous sixth periods. The underemployment rate was also steady at 1.4 percent.
Census and Statistics Department | Yekaterina Guchshina | yekaterina@tradingeconomics.com 10/18/2016 8:59:49 AM
Comparing the three months to August of 2016 with the previous period, unemployed persons (not seasonally adjusted) increased by around 2 400 to 141 200. Over the same period, the number of underemployed persons also increased by around 400 to 55 900.

Movements in the unemployment rate (not seasonally adjusted) in different industry sectors varied. Increases were mainly seen in the professional and business services (excluding cleaning and similar activities) sector while a decrease was mainly seen in the construction sector. As to the underemployment rate, increases were mainly observed in the foundation and superstructure works of the construction sector and the retail sector while decreases were mainly seen in the food and beverage service activities sector and the arts, entertainment, and recreation sector. 

Total employment increased by around 5 400 from 3 811 400 in May - July 2016 to 3 816 800 in June - August 2016. Over the same period, the labour force also increased by around 7 700 from 3 950 300 to 3 958 000. 

Commenting on the latest unemployment figures, the Secretary for Labour and Welfare, Mr Matthew Cheung Kin-chung, said: "The unemployment rate of the consumption- and tourism-related segment (retail, accommodation and food services as a whole) inched up by 0.1 percentage point over the preceding period to 5.3% in July - September 2016. On a year-on-year comparison, the unemployment rate was 0.7 percentage point higher. Within the segment, the retail sector was particularly hard hit by the weakness in the local consumption market, with its unemployment rate up by 0.9 percentage point over a year earlier to 5.5%."

On the short-term outlook: "While the labour market has stayed resilient so far this year, the near-term employment outlook remains overshadowed by the unsteady external environment and the moderate growth of the local economy".

Hong Kong Jobless Rate Steady at 3.4% in September