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Hong Kong’s Unemployment Rate Remains at 4.9%
San Francisco (January 18, 2010) – Hong Kong’s seasonally adjusted unemployment rate stood at 4.9% (provisional figure) in November 2009 - January 2010, same as that 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.
Comparing November 2009 - January 2010 with October - December 2009, decreases in the unemployment rate (not seasonally adjusted) were mainly observed in the information and communications, accommodation services, and professional and business services sectors, while increases were more apparent in the arts, entertainment and recreation, financing and wholesale sectors.
Meanwhile, Hong Kong’s underemployment rate declined from 2.3% to a provisional 2.2% with decreases mainly seen in the construction and social work activities sectors.
Total employment increased by around 8 600 from 3 497 100 in October - December 2009 to a provisional 3 505 700 in November 2009 - January 2010. Over the same period, the labor force increased by around 2 100 from 3 669 900 to a provisional 3 672 000.
The number of unemployed persons (not seasonally adjusted) decreased by around 6 400 from 172 800 in October - December 2009 to a provisional 166 400 in November 2009 - January 2010. Over the same period, the number of underemployed persons decreased by around 3 900 from 84 500 to a provisional 80 600.
The seasonally adjusted unemployment rate remained at 4.9%, the lowest since early last year, after steadily coming down for four consecutive months since July - September 2009. The unemployment rate of the construction sector stood at 7.4%, while the underemployment rate has improved with a decrease by 1.5 percentage points to 10.6%, suggesting that the fundamentals of the sector remained robust.
Hong Kong Secretary for Labour and Welfare, Mr. Matthew Cheung Kin-chung, noted that total employment over the period recorded an increase of 8 600, reflecting the vibrancy in business activities in the run-up to the Lunar New Year holidays, and indicating that the labour market was improving continuously.
He said, "As improving business sentiment and consumer spending should continue to boost labour demand during the Lunar New Year period, pressure on unemployment is expected to ease further. However, in the near term, the performance of the employment market hinges on the overall economic situation, as well as the pace of job creation in the corporate sector.
"Whilst the trend of the unemployment rate remains stable in general, there is no room for complacency as Hong Kong's economic outlook is still subject to uncertainties despite an economic rebound and successive improvement since the second quarter of last year. Specifically, the economic recovery in the advanced economies is far from solid. Also, the timing and pace of phasing out extraordinary fiscal stimulus measures in the advanced economies and the rise of protectionist sentiment are risk factors that we have to guard against. We therefore need to continue to be vigilant and closely monitor the labour market situation."
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