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HK Latest Jobless Rate Keeps at 3.4%
According to the latest labour force statistics released today (May 17) by the Census and Statistics Department (C&SD), the seasonally adjusted unemployment rate stood at 3.4% in F...
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HK Latest Jobless Rate Keeps at 3.4%
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According to the latest labour force statistics released today (May 17) by the Census and Statistics Department (C&SD), the seasonally adjusted unemployment rate stood at 3.4% in February - April 2016, same as that in January - March 2016. The underemployment rate also remained unchanged at 1.4% in the two periods.

Comparing February - April 2016 with January - March 2016, movements in the unemployment rate (not seasonally adjusted) in different industry sectors varied. Increases were mainly seen in the construction sector and professional and business services (excluding cleaning and similar activities) sector while decreases were mainly seen in the arts, entertainment and recreation sector as well as information and communications sector. As to the underemployment rate, an increase was mainly observed in the retail sector while a decrease was mainly seen in the food and beverage service activities sector.

Total employment decreased by around 5,200 from 3,811,800 in January - March 2016 to 3,806,600 in February - April 2016. Over the same period, the labor force also decreased by around 1,400 from 3,942,200 to 3,940,800.

The number of unemployed persons (not seasonally adjusted) increased by around 3,800 from 130,400 in January - March 2016 to 134,200 in February - April 2016. The number of underemployed persons in February - April 2016 was 53,300, about the same (53,400) as in January - March 2016.

Commenting on the latest unemployment figures, the Secretary for Labour and Welfare, Mr Matthew Cheung Kin-chung, said, "The labour market held largely stable in overall terms in February - April 2016, with both the seasonally adjusted unemployment rate and the underemployment rate remaining unchanged at 3.4% and 1.4% respectively. Reflecting the economic slowdown, total employment increased mildly over a year earlier.

"Analysed by major sector, the unemployment rate of the construction sector rose further by 0.5 percentage point over the preceding period to 5.4% in February - April 2016. Although such increase to some extent reflected the seasonality factor, the recent property market consolidation and the fall-off in construction activity might have also been at play. At the same time, amid the setback in inbound tourism and weaker local consumption, the unemployment rate of the consumption- and tourism-related segment (viz. retail, accommodation and food services as a whole) went up further by 0.2 percentage point to 5.3%, with employment registering a year-on-year decline for the 12th consecutive period."

On the short-term outlook, Mr Cheung said, "The near-term employment outlook remains overshadowed by the strong external headwinds and a slow-growing local economy. The weakening labor demand in sectors relating to trade, tourism and construction also warrants particular concern."

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