Hong Kong Jobless Rate Falls To 3.3%
The seasonally adjusted unemployment rate in Hong Kong edged down to 3.3 percent in the three months to November 2016, after staying at 3.4 percent for eight consecutive periods. The figure came in below market expectations of 3.4 percent to hit the lowest reading since the three months to February. The underemployment rate remained unchanged at 1.4 percent for the ninth straight period.
Comparing with the three months to October 2016, the number of unemployed persons (not seasonally adjusted) decreased by around 5 500 from 136 100 to 130 600 in September-November 2016. Over the same period, the number of underemployed persons also decreased by around 600 from 55 300 to 54 700. Decreases in the unemployment rate (not seasonally adjusted) were mainly seen in the professional and business services (excluding cleaning and similar activities) sector and the repair, laundry, domestic and other personal service activities sector. As to the underemployment rate, an increase was mainly observed in the education sector while a decrease was mainly seen in the retail sector.
Total employment decreased by around 4 600 from 3 810 900 in August - October 2016 to 3 806 300 in September - November 2016. Over the same period, the labour force also decreased by around 10 100 from 3 947 000 to 3 936 900.
On the short-term outlook, "Labour market condition looks set to remain tight in the short term. Yet, the outlook beyond the near term continues to be overshadowed by a highly uncertain external environment, with potential impact on the local economy. We will stay vigilant and monitor developments closely", the Secretary for Labour and Welfare, Mr Matthew Cheung Kin-chung, said.
12/19/2016 10:28:23 AM