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HK unemployment rate lowest in 5 years

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

The spokesman noted that the labour market remained buoyant. In October, the Labour Department netted 39,261 vacancies from the private sector, an increase of 2.6 percent over the same period last year. On average, the department received 1,900 private sector vacancies on each working day.

Furthermore, the department was able to help 100,660 people find their jobs in the first 10 months of this year, up 8.2 percent over the same period last year.

"Despite steady improvements in the general employment scene, the mismatch in human resources brought by the structural change in the local economy still needs to be addressed," the spokesman warned.

Commenting on the lowest jobless rate in five years, Secretary for Economic Development and Labour Stephen Ip said it was the result of an improving economy and a slowdown in the growth of the labour force.

He said that with the year drawing to a close, some trades such as retail would create more job vacancies, but the growth would not be significant because Hong Kong is still being plagued by the problem of structural unemployment.