| |
Hong Kong's Unemployment Rate Falls to 4.9%
San Francisco (January 19, 2010) – Hong Kong’s seasonally adjusted unemployment rate decreased from 5.1% in September - November 2009 to a provisional 4.9% in October - December 2009, according to the latest labor force statistics released today by the Census and Statistics Department (C&SD) of the Hong Kong Special Administrative Region Government.
Decreases in the unemployment rate (not seasonally adjusted) were mainly observed in the import/export trade, foundation and superstructure, financing and accommodation services sectors.
The underemployment rate also declined from 2.5% to a provisional 2.3%. Decreases were mainly seen in the construction and cleaning activities sectors.
Total employment decreased slightly from 3,497,600 in September - November 2009 to a provisional 3,497,100 in October - December 2009. Over the same period, the labor force decreased by a larger extent of around 8,700 from 3,678,600 to a provisional 3, 669, 900.
The number of unemployed persons (not seasonally adjusted) decreased by around 8,200 from 181,000 in September - November 2009 to a provisional 172,800 in October - December 2009. Over the same period, the number of underemployed persons decreased by around 5, 700 from 90, 200 to a provisional 84, 500.
Hong Kong Secretary for Labour and Welfare, Mr. Matthew Cheung, said, “The unemployment situation of most age groups has improved. Decreases were more noticeable in the 15-19 and 20-24 age groups, falling by 1.5 percentage points to 20.1% and 1.0 percentage point to 10.5% respectively.”
“The overall unemployment rate of the construction sector has dropped for eight consecutive months, falling by 0.2 percentage point in the latest round to 7.4%. In particular, the unemployment rate of the foundation and superstructure sub-sector decreased by 0.7 percentage point to 6.9%, as total employment in the sub-sector went up by 6,700. It is expected that employment in the construction sector will further improve with the commencement of major infrastructure projects such as the Hong Kong-Zhuhai-Macao Bridge and the Guangzhou-Shenzhen-Hong Kong Express Rail.”
Looking ahead, Mr. Cheung said that increased business activity in the run-up to the Lunar New Year would help boost labor demand, thus easing the pressure on unemployment in the near term.
“A solid recovery of the labor market in the longer term would hinge on the pace of job creation in the corporate sector. Despite the continued decline of the unemployment rate in recent months, the economic outlook is still subject to uncertainties. We shall remain vigilant and continue to monitor closely the labor market situation,” he added.
#####
|
|
