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HK unemployment rate lowest in 5 years

(Xinhua)
Updated: 2006-11-17 10:07

The jobless rate in Hong Kong has dropped to the lowest in five years, and total employment surged to an all-time high, according to the latest government statistics released yesterday.

The seasonally adjusted unemployment rate declined from 4.7 percent in July-September to 4.5 percent in August-October, the lowest since the second quarter of 2001.

The underemployment rate, on the other hand, rose from 2.3 percent to 2.4 percent.

Decline in the unemployment rate was sharpest in the decoration and maintenance, real estate, insurance, import/export and retail trades sectors. As to the underemployment rate, increases were primarily found in the decoration and maintenance, and manufacturing sectors.

Total employment increased by around 4,200 to an all-time high of 3,500,300. Over the same period, the labour force decreased by around 7,300, from 3,676,500 to 3,669 200.

The number of unemployed persons decreased by around 11,500 to 168,900, while the number of underemployed persons increased by around 3,300 to 89,500.

Meanwhile, a government spokesman said that the unemployment situation would continue to improve. The number of the unemployed fell below the 170,000 mark for the first time since mid-2001. This was, he said, the combined result of a further increase in total employment and a shrinking labour force.

The near-term outlook will, to a great extent, depend on the growth of business activity and job creation in the run-up to the Christmas and New Year holidays.