China Financial Daily

German unemployment rate reduced with an unexpected number in October, 2009
News on Oct.29,2009: Germany’s unemployment rate recorded an unexpectedly large fall in October, official figures showed on Thursday, creating hope of a possible economic recovery in Europe’s biggest economy.

The unadjusted jobless rate in October in Germany stood at 7.7 percent, down from 8 percent in the previous month and below the 8.3 percent in August, the Nuremburg-based Federal Labor Agency said on Thursday. It is the third consecutive month the rate has fallen.

The agency said a total of 3,229 million people were registered as unemployed in October, 118,000 fewer than the previous month. Local analysts had earlier predicted a drop of between 40,000-60,000.

Frank-Juergen Weise, the agency’s head, said government measures, including short-time work with incentives to hold on to staff, are helping to keep unemployment down.

The dip in unemployment comes nearly two weeks after the German government raised its growth forecast and predicted that the country would expand by 1.2 percent in 2010, up from an earlier prediction of 0.5 percent.

The new forecasts were also more optimistic about this year, predicting the economy would shrink by 5 percent instead of the 6 percent foreseen in April.

The fall also eases pressure on Chancellor Angela Merkel as she begins her second term in office.

Merkel, who was sworn in for a second term earlier on Wednesday, has pledged tax cuts worth 24 billion euros (around 35 billion U.S. dollars) even as the budget deficit widens, in a bid to shore up growth in the economic engine of the European Union.

Hong Kong Unemployment Rate keeps unchanged
News on September 17, HONG KONG — Hong Kong announced its unemployment rate remained at a seasonally adjusted 5.4% from June to Aug. On Thursday, the city’s labor chief expected the figure to stay high in near future as newcomers enter the market. The Census and Statistics Department of Hong Kong Thursday released the city’s latest labor force statistics, showing that the unemployment rate, 5.4 percent, recorded during June to Aug. was the same as that during May to July.

As for the underemployment rate, it also stood unchanged at 2.4percent, according to the statistics. Hong Kong’s Secretary for Labor and Welfare Matthew Cheung Kin-chung said the near-term employment outlook would much depend on the pace of job creation in the economy relative to that in the labor supply.

“As the pace of business growth remains uncertain, employers are generally cautious in hiring new hands at this point in time. Coupled with the relatively slow absorption of newcomers, including fresh graduates and school leavers into the labor market this year, the unemployment rate is expected to remain high in the near term,” Cheung said.

The statistics also told that decreases in the unemployment rate were mainly observed in the construction; warehousing and support activities for transportation; and real estate sectors, while increases were more apparent in the accommodation services; arts, entertainment and recreation; and wholesale sectors. As to the underemployment rate, decreases were mainly seen in the construction and warehousing and support activities for transportation sectors, offsetting increases in the education and wholesale sectors.

Australia’s unemployment rate in May to 5.7%
Australia, the National Bureau of Statistics (Australian Bureau of Statistics) Thursday announced that seasonally adjusted unemployment rate rose in May, Australia 5.7%, in line with market expectations; April unemployment rate was 5.5%. May reduce the number of 1,700 jobs.

Prior to an average of economists expect the unemployment rate in Australia in May for 5.7%, employment fell 30,000.