Hong Kong Jobless Rate Unchanged at 3.4%

The seasonally adjusted unemployment rate in Hong Kong remained steady at 3.4 percent in three months to May of 2016, compared to the previous period, staying at the highest level since late 2013 for the second straight month. The underemployment rate was also unchanged at 1.4 percent.

Comparing the three months to May of 2016 with the previous period, the number of unemployed persons (not seasonally adjusted) was 134 600, about the same (134 200). The number of underemployed persons increased by around 2 600 to 55 900 in March - May 2016.

Movements in the unemployment rate (not seasonally adjusted) in different industry sectors varied. Increases were mainly seen in the warehousing and support activities for transportation sector and the information and communications sector while decreases were mainly seen in the decoration, repair and maintenance for buildings sector and the professional and business services (excluding cleaning and similar activities) sector.

Total employment decreased by around 5 700 from 3 806 600 in February - April 2016 to 3 800 900 in March - May 2016. Over the same period, the labour force also decreased by around 5 300 from 3 940 800 to 3 935 500.

On the short-term outlook, noting that the employment outlook remains clouded by the highly uncertain external environment and slackened local consumption market, Mr Cheung said, "In light of the envisaged boost to labour supply from the entry of fresh graduates and school leavers in the coming months, we will stay vigilant and closely monitor developments."

 Hong Kong Jobless Rate Unchanged at 3.4%

Census and Statistics Department | Mojdeh Kazemi | mojdeh@tradingeconomics.com
6/16/2016 10:35:14 AM