Hong Kong’s jobless rate remains at 3.3 pct for October-December, labor market to remain tight in near term

Hong Kong’s Census and Statistics Department, the seasonally adjusted jobless rate remained flat at 3.3 percent for October-December, the same as in September-November. The underemployment rate also stayed unchanged at 1.4 percent in the two periods.

On a sequential basis, the decreases in the jobless rate (seasonally unadjusted) were mainly seen in the information and communication sector, and the import and export trade sector. Total employment rose by about 10,700 to 3,817,000 in October-December 2016 from 3,806,300 in September-November 2016. In the same period, the labor force also rose by about 2,200 from 3,936,900 to 3,939,100.

The number jobless persons fell by about 8,600 from 130,600 to 122,000 in October-December 2016. The number of underemployed persons stayed 54,400, around the same as in the prior three month period.

The Acting Secretary for Labour and Welfare Stephen Sui commented that the labor market remained resilient towards the end of 2016. He added that the total employment and the labor force for the whole of 2016 sustained moderate growth at 0.8 percent and 0.9 percent, respectively. The jobless rate remained at a low level throughout the year, averaging at 3.4 percent for 2016 as a whole.

“While the labour market can be expected to remain generally tight in the near term, the potential repercussions of various external uncertainties on the local economy remain a cause for concern. We will stay vigilant and monitor developments closely”, added Stephen Sui.