Asian Economic News

Hong Kong Unemployment Rate Falls Slightly

Hong Kong's unemployment rate dropped marginally in the three months to November, after remaining stable in the eight consecutive periods, preliminary figures from the Census and Statistics Department showed Monday.

The seasonally adjusted jobless rate fell to 3.3 percent in the September to November period from 3.4 percent in the three months ended October.

The underemployment rate held steady at 1.4 percent in the two periods.

On an unadjusted basis, the number of unemployed people totaled 130,600 in September to November, down from 130,600 in August to October.

The agency revealed that the unemployment decreased mainly in the professional and business services sector and the repair, laundry, domestic and other service activities sector.

Total employment grew by around 4,600 over the period to 3.8 million in the three months ended November.

"Labor market condition looks set to remain tight in the short term. Yet, the outlook beyond the near term continues to be overshadowed by a highly uncertain external environment, with potential impact on the local economy," Mr. Matthew Cheung Kin-chung, the Secretary for Labor and Welfare, said.

"We will stay vigilant and monitor developments closely."

by RTTNews Staff Writer

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