Hong Kong Unemployment Rate Stable at 3.3%

Hong Kong seasonally adjusted jobless rate was recorded at 3.3 percent for the fourth consecutive period in August to October 2014. The underemployment rate was also steady at 1.5 percent.

The number of unemployed persons (not seasonally adjusted) decreased by around 3 700 from 132 900 in July - September 2014 to 129 200 in August - October 2014. Meanwhile, the number of underemployed persons in August - October 2014 was 57 200, about the same as 57 000 in July - September 2014. 

Comparing August - October 2014 with the previous period, an increase in the unemployment rate (not seasonally adjusted) was observed in the foundation and superstructure works of the construction sector while a decrease was seen in the food and beverage service activities sector. As to the underemployment rate, an increase was observed in the decoration, repair and maintenance for buildings sector while a decrease was seen in the cleaning and similar activities sector.

Total employment decreased by around 7 100 from 3 785 700 in July - September 2014 to 3 778 600 in August - October 2014. Over the same period, the labour force also decreased by around 10 800 from 3 918 600 to 3 907 800.

The Secretary for Labour and Welfare said "The latest figures still indicated a largely steady employment situation up to October. However, as labour market indicators are lagging in nature, and with the impact of the 'Occupy Movement' on the domestic economy only likely to surface progressively in the coming few months, we need to closely monitor the potential impact on employment and the income of grassroots workers."

Hong Kong Unemployment Rate Stable at 3.3%

Census and Statistics Department | Joana Taborda | joana.taborda@tradingeconomics.com
11/17/2014 8:56:46 AM