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.
Translate (most links are in Chinese)