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Financial News: Hong Kong Jobless Rate Falls Unexpectedly

Hong Kong Jobless Rate Falls Unexpectedly

11/16/2017 - 05:11:00 (RTTNews)

(RTTNews) - Hong Kong's unemployment rate decreased unexpectedly in the three months ended October, though marginally, the Census and Statistics Department reported Thursday.

The seasonally adjusted jobless rate dropped to 3.0 percent in the August to October period from 3.1 percent in the July to September period. Meanwhile, economists had expected the rate to remain stable at 3.1 percent.

The underemployment rate remained unchanged at 1.1 percent in the two periods.

On an unadjusted basis, the number of unemployed people totaled 123,600 in August to October, down from 128,200 in July to September.

Decreases in the unemployment rate were mainly seen in the import and export trade sector and the financing sector.

Total employment during the period was 3.83 million, about the same as in July-September.

"Labor market conditions will likely remain tight in the near term amid the further solid growth of the local economy," the Secretary for Labor and Welfare, Dr Law Chi-kwong, said.

"Yet, we will stay vigilant of various uncertainties in the external environment and closely monitor the relevant developments. "

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