HK's jobless rate rises to 3.3 percent

Hong Kong's unemployment rate from October to December rose to 3.3 percent — the highest level since March 2017, latest government statistics released on Monday showed.

The city's seasonally adjusted unemployment rate increased from 3.2 percent from September to November to 3.3 percent from October to December. The rate of underemployment, which measures the number of workers who are employed only a few hours a week, remained unchanged at 1.2 percent during these two periods, the Census and Statistics Department said.

The unemployment rate of the consumption- and tourism-related sectors (the retail, accommodation and food-services sectors) stayed at a three-year high of 5.2 percent.

Commenting on the latest unemployment figures, Secretary for Labour and Welfare Law Chi-kwong said the labor market will weaken further if economic conditions remain stagnant.

The underemployment rate rose visibly compared with the preceding period, particularly for those working in food-and-beverage service activities. Employment in these sectors continued to record a sharp fall on a year-on-year basis, Law said.

Meanwhile, the unemployment rate in the construction sector, particularly that part involved in decoration, repair and maintenance of buildings, declined compared with the preceding period, he added.

Looking ahead, Law said: "The labor market will be subject to even more pressure in the near term if the overall economy stays weak. The government will monitor developments closely."

He said the Labour Department will continue to provide free employment services through its jobs, recruitment centers and online platforms.