Hong Kong Jobless Rate Steady at 3.1%

The seasonally adjusted unemployment rate in Hong Kong stood at 3.1 percent for the fourth consecutive three-month period in September of 2017. It remains the lowest jobless rate since February of 2014, as unemployment fell mainly in the professional and business services (excluding cleaning and similar activities) and retail sectors. The underemployment rate remained unchanged at 1.1 percent, the lowest level in almost two decades.

Comparing to the previous three-month period, the number of unemployed persons decreased by around 1,800 to 128,000 and the number of underemployed persons also decreased by around 1,500 to 43,700. As far as the underemployment is concerned, a decrease was recorded in the foundation and superstructure works of the construction sector, while an increase was noted in the repair, laundry, domestic and other personal service activities sector.

Meanwhile, total employment decreased by around 3,800 to 3.84 million in July-September 2017, and the labour force decreased by around 5,600 to 3.97 million.

“Barring any abrupt downturns in the external environment, labour market conditions will likely remain favourable in the near term. Yet, we will stay vigilant and closely monitor the relevant developments.”, the Secretary for Labour and Welfare said.

Hong Kong Jobless Rate Steady at 3.1%

Marta Dubiel | marta.dubiel@tradingeconomics.com
10/19/2017 9:47:41 AM