Hong Kong Jobless Rate Lowest Since 1998

The seasonally adjusted unemployment rate in Hong Kong decreased to 3.0 percent in the three months to October of 2017, after four consecutive months of a 3.1 percent rate. It was the lowest unemployment rate since February 1998. Meanwhile, the underemployment remained at 1.1 percent for the fourth consecutive three-month period.

Comparing to the previous three-month period, the number of unemployed persons (not seasonally adjusted) decreased by about 4 600 from 128 200 in July-September 2017 to 123 600 in August-October 2017. In the meantime, the number of underemployed persons increased slightly from the previous period by around 500 to 44 200.

Total employment also fell marginally to 3.837 million from 3.837 million in July-September 2017, and the labour force decreased by around 4 900 to 3.96 million.

Meanwhile, unemployment among youngsters between 15 and 24 went down by 1.0 percentage point to 9.5 percent. To assist young people to find jobs, the Labour Department provides through the Youth Employment and Training Programme comprehensive training and employment support to young school leavers aged 15 to 24 with educational attainment at sub-degree level or below.

“Labour market conditions will likely remain tight in the near term amid the further solid growth of the local economy. Yet, we will stay vigilant of various uncertainties in the external environment and closely monitor the relevant developments”, the Secretary for Labour and Welfare commented.

Hong Kong Jobless Rate Lowest Since 1998

Census and Statistics Department | Marta Dubiel | marta.dubiel@tradingeconomics.com
11/16/2017 9:19:40 AM