Hong Kong jobless rate stable at 2.8 pct in May-July 2018 period, labor market to remain tight in near term

The Census and Statistics Department of Hong Kong showed that the seasonally adjusted jobless rate remained at 2.8 percent in the May to July 2018 period, same as that in April-June 2018. The underemployment rate rose from 1 percent in April-June 2018 to 1.1 percent in May-July 2018.

On a sequential basis, movements in the jobless rate in different industry sectors differed, but were generally small in magnitude. Movements in the jobless rate also varied, with a comparatively marked rise seen in the food and beverage service activities sector.

Total employment rose around 2,900 from 3,869,800 in April - June 2018 to 3,872,700 in May - July 2018. In the same period, the labor force also rose by around 5,200 from 3,982,200 to 3,987,400. The number of unemployed persons rose by around 2,300 from 112,400 in April - June 2018 to 114,700 in May - July 2018. In the same period, the number of underemployed persons also rose by about 2,700 from 41,400 to 44,100.

Looking ahead, the Hong Kong labor market is expected to remain tight in the near term riding on a strong growth momentum of the local economy, noted Secretary for Labour and Welfare, Dr Law Chi-kwong.

“Nevertheless, as external uncertainties have increased markedly of late, with possible repercussions for export outlook, local economic sentiment and asset markets, we will stay vigilant to their potential impact on the local labour market", added Law Chi-kwong.