Hong Kong Jobless Rate Holds at 3.7%
Crhk · 2 SOURCESabout 2 hours ago1 MIN
Summary
Hong Kong’s seasonally adjusted unemployment rate held steady at 3.7% for May to July, matching the previous April to June reading and market expectations. The labour market figures also showed a rise in the number of unemployed people to 145,700 and an increase in the underemployment rate to 1.7% over the same period.
Key Points
- The Census and Statistics Department said the seasonally adjusted unemployment rate for May to July was 3.7%, unchanged from April to June
- The number of unemployed people rose from 139,700 to 145,700, an increase of about 6,000 during the latest three-month period.
- The underemployment rate edged up from 1.6% to 1.7%, while underemployed people increased by 3,800 to 66,200.
- Unemployment fell mainly in foundation and superstructure construction, but rose chiefly in the retail and transportation sectors.
- Total employment increased by about 1,500 to 3,647,600, while the labour force grew by about 7,500 to 3,793,300
Why It Matters
Secretary for Labour and Welfare Chris Sun Yuk-han said continued expansion of the local economy is expected to support the overall labour market, but fresh graduates and school leavers entering the workforce may put pressure on unemployment. He also said adverse external factors that could affect employers’ hiring appetite remain a concern.