Hong Kong Jobless Rate Steady at 3.1% in July

The seasonally adjusted unemployment rate in Hong Kong stood at 3.1 percent in the three months to July of 2017, unchanged from the previous period. It remains the lowest jobless rate since February of 2014. The underemployment rate fell to 1.1 percent, the lowest level in almost two decades.

Compared to the three months to June, the number of unemployed persons (not seasonally adjusted) increased by around 3,000 to 128,200 and the number of underemployed decreased by 1,200 to 44,300.

Although jobless rates for major economic sectors saw little change from the preceding three-month period, the unemployment rates of many sectors were lower than a year ago, namely the tourism-related segment (retail, accomodation and food services), which fell to 4.6 percent, reaching the lowest since the end 2015.

Total employment rose by around 11,400 to 3.8335 million and the labour force also went up to 3,9617 million from 3.9472 million in April-June 2017.

On the short-term outlook, the Secretary for Labour and Welfare said "In the near term, the overall labour market conditions are expected to remain tight alongside a generally positive hiring sentiment. Yet, we will stay vigilant and closely monitor the developments in the external environment and their potential impacts on the local labour market in the months ahead".

 Hong Kong Jobless Rate Steady at 3.1% in July

Statistics of Hong Kong | Luisa Carvalho | luisa.carvalho@tradingeconomics.com
8/17/2017 9:51:00 AM