Statistics

HK's jobless rate stays at 4.4%

(Xinhua)
Updated: 2010-05-19 10:24

HONG KONG - Hong Kong's unemployment rate held stable at 4.4 percent in the February-April period, remaining the lowest level since the fourth quarter of 2008, the Census and Statistics Department of Hong Kong said Tuesday.

Compared to the January-March quarter, falls in the jobless rate in the February-April period were mainly found in the real estate, wholesale and transportation sectors. Rises were more apparent in the hotels, information and communications, foundation and superstructure and retail sectors.

Due to a slightly larger increase in the labor supply than employment, the jobless rate for the construction sector rose 0.6 of a percentage point to 8.6 percent.

Related readings:  HK GDP grows 8.2% in Q1  HK's air cargo traffic surges 38% in April  HK visitor arrivals hit record high in Q1  HK retail sales up 19% in March

Secretary for Labor and Welfare Matthew Cheung said Hong Kong's overall economic performance and sentiment remained generally positive with the labor market staying stable.

"On the short-term outlook, whether the unemployment rate can continue the downward trend since mid-2009 depends largely on the pace of economic growth, the labor demand and supply balance, and the number of jobs to be created," he said.

Total employment dropped from 3,496,700 to 3,490,400, while the labor force decreased from 3,657,300 to 3,655,200. The number of unemployed people grew from 160,600 to 164,800, while the number of underemployed people fell from 80,000 to 76,500.

The underemployment rate fell from 2.2 percent to 2.1 percent.

With the entry of fresh graduates and school leavers into the labor market in the next few months, and uncertainties in the economic and financial market situation in Europe, there will be pressure on the jobless rate, Cheung added.