Hong Kong unemployment rate hits record low in 20 years

HONG KONG - Hong Kong's seasonally adjusted unemployment rate dropped from 2.9 percent in January-March to 2.8 percent in February-April period, setting a record low in more than 20 years, statistics showed on Thursday.

The underemployment rate remained unchanged at 1 percent in the two periods, according to the Census and Statistics Departments of the government of China's Hong Kong Special Administrative Region.

Secretary for Labor and Welfare Law Chi-kwong said the labor market tightened further in February-April on the back of robust economic conditions.

The seasonally adjusted unemployment rate edged down by 0.1 percentage point to 2.8 percent, the lowest level in more than 20 years and the underemployment rate likewise stayed low at 1 percent, while total employment continued to record appreciable growth on a year-on-year basis, he said.

"Compared to the preceding three-month period, a more notable decrease in unemployment rate was seen in the education sector. On a year-on-year comparison to net out seasonal influences, most major service sectors showed visible improvement in unemployment situation," he said.

In particular, jobless rates in the financing sector as well as the trade and tourism-related segments posted discernible declines, thanks to the buoyant economic environment and continued recovery of tourist arrivals, he noted.

Looking ahead, Law believed overall labor market conditions will likely remain tight in the near term amid the prevailing positive economic environment.

He noted that the labor department launched a special program "Career Let's Go" and it will last from May to August to help this year's secondary school leavers find suitable work through a series of tailor-made activities.