Hong Kong’s jobless rate continues to rise in December, labor market likely to be under pressure in near term

The latest labor force statistics data released by the Hong Kong’s Census and Statistics Department showed that the seasonally adjusted jobless rate rose to 3.3 percent in October to December period from 3.2 percent recorded in September to November period. The underemployment rate stayed the same at 1.2 percent.

Rise in the unemployment rate was mainly seen in the decoration, repair and maintenance for building sector. As to the underemployment rate, a fall was mainly recorded in the manufacturing sector while a rise was seen in the food and beverage service activities sector.

Total employment dropped by about 12,800 from 3,830,600 in September - November 2019 to 3,817,800 in October - December 2019. The labor force also fell about 14,200 to 3,941,800 in the same period.

Meanwhile, the number of unemployed persons dropped by 1400 to 124,000 in October-November 2019 period.

Secretary for Labour and Welfare, Dr Law Chi-kwong stated that business of the consumption and tourism related sectors continued to be in the doldrums. The jobless rate of these sectors combined remained at a three-year high of 5.2 percent. Employment in these sectors continued to see a sharp fall on a year-on-year basis. In the meantime, the jobless rate of the construction sector dropped visibly.

"The labour market will be subject to even more pressure in the near term if the overall economy stays weak. The Government will monitor the developments closely”, added Law Chi-kwong.