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Hong Kong’s Unemployment Rate Decreases to 3.3%
San Francisco (January 19, 2012) - According to the latest labour force statistics released today (January 19) by the Census and Statistics Department of the Hong Kong Special Administrative Region Government, the seasonally adjusted unemployment rate decreased from 3.4% in September - November 2011 to 3.3% (provisional figure) in October - December 2011. The underemployment rate also fell from 1.5% in September - November 2011 to 1.4% (provisional figure) in October - December 2011.
Comparing October - December 2011 with September - November 2011, decreases in the unemployment rate (not seasonally adjusted) were mainly observed in the manufacturing, warehousing and support activities for transportation, and food and beverage service activities sectors. As for the underemployment rate, decreases were mainly seen in the decoration, repair and maintenance for buildings, and retail sectors.
Total employment increased by around 10 800 from 3 651 100 in September - November 2011 to 3 661 900 (provisional figure) in October - December 2011. Over the same period, the labour force also increased by around 5 700 from 3 772 300 to 3 778 000 (provisional figure).
The number of unemployed persons (not seasonally adjusted) decreased by around 5 100 from 121 200 in September - November 2011 to 116 100 (provisional figure) in October - December 2011. Over the same period, the number of underemployed persons decreased by around 2 300 from 56 100 to 53 800 (provisional figure).
The seasonally adjusted unemployment rate edged down by 0.1 percentage point from September - November 2011 to 3.3% in October - December 2011. The underemployment rate also went down by 0.1 percentage point to 1.4%.
Commenting on the latest unemployment figures, the Secretary for Labour and Welfare, Mr Matthew Cheung Kin-chung, said, "Thanks to the vibrant local consumption demand and strong inbound tourism, as well as a seasonal rise in labour demand towards the year-end, total employment surged by about 10 800 to an all-time high of 3 661 900 in October - December 2011. The number of unemployed persons also fell notably to 116 100, the lowest level since early 2008. On a seasonally adjusted basis, the unemployment rate fell slightly by 0.1 percentage point to 3.3%.
"It is noteworthy that employment of younger persons continued to improve. The unemployment rate for persons aged 15-24 went down further by 1.1 percentage points to 7.9%. Within this particular group, the unemployment rate for persons aged 15-19 decreased by 2.7 percentage points to 11.4%, while the unemployment rate for those aged 20-24 dropped by 0.8 percentage point to 7.4%."
Mr Cheung added, "The year 2011 saw an across-the-board and notable improvement in Hong Kong's labour market conditions. Employment surged to a record high and unemployment rate remained at a low level throughout the year, signifying a virtually full employment situation of the overall economy with 130 500 jobs added in 2011 over 2010."
Mr Cheung further pointed out that the annual unemployment rate declined visibly by 1 percentage point from 4.4% in 2010 to 3.4% in 2011. For 2011 as a whole, the labour force and total employment enjoyed a phenomenal expansion of 2.6% and 3.7% respectively, both representing the strongest growth since 1996.
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