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Financial News: Hong Kong Jobless Rate Falls Unexpectedly

Hong Kong Jobless Rate Falls Unexpectedly

04/21/2017 - 06:25:00 (RTTNews)

(RTTNews) - Hong Kong's unemployment rate decreased unexpectedly in the three months ended March, though marginally, preliminary figures from the Census and Statistics Department showed Friday.

The seasonally adjusted jobless rate dropped to 3.2 percent in the January to March period from 3.3 percent in the December to February period. Meanwhile, economists had expected the rate to remain stable at 3.3 percent.

The underemployment rate remained unchanged at 1.2 percent in the two periods, the agency said.

On an unadjusted basis, the number of unemployed people totaled 125,000 in January-March, up from 119,400 in December-February.

Total employment decreased by around 2,000 over the period to 3.82 million in the three months to March.

"Looking ahead, the labor market is expected to remain tight in the near term. However, in view of the potential impacts of various external uncertainties on the local economy and employment situation, we will stay vigilant and monitor the developments closely," the Secretary for Labor and Welfare, Mr Stephen Sui, said.

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