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HK Latest Seasonally Adjusted Jobless Rate Stays Flat at 3.2%
According to the latest labour force statistics (i.e. provisional figures for March - May 2017) released today (20 June) by the Census and Statistics Department (C&SD), the seasona...
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HK Latest Seasonally Adjusted Jobless Rate Stays Flat at 3.2%
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M2 Money Supply YoY in China for Apr is 7.2%, Below Forecast
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According to the latest labour force statistics (i.e. provisional figures for March - May 2017) released today (20 June) by the Census and Statistics Department (C&SD), the seasonally adjusted unemployment rate stood at 3.2% in March - May 2017, same as that in February - April 2017. The underemployment rate also remained unchanged at 1.2% in the two periods. Comparing March - May 2017 with February - April 2017, movements in the unemployment rate (not seasonally adjusted) and underemployment rate in different industry sectors varied, but were all small in magnitude.
Total employment increased by around 1 200 from 3.8167 million in February - April 2017 to 3.8179 million in March - May 2017. The labour force in March - May 2017 was 3.9442 million, about the same as in February - April 2017. The number of unemployed persons (not seasonally adjusted) decreased by around 900 from 127,200 in February - April 2017 to 126,300 in March - May 2017. Over the same period, the number of underemployed persons also decreased by around 1,200 from 48,800 to 47,600.
The Secretary for Labour and Welfare, Stephen Sui, said overall labour market conditions remained favourable in March - May 2017. Both the seasonally adjusted unemployment rate and the underemployment rate stayed at low levels of 3.2% and 1.2% respectively, essentially signifying full employment. Employment growth picked up slightly further in the latest period. While most of the major economic sectors exhibited only small movements in unemployment rates when compared to the preceding three-month period, the sectoral unemployment rates were generally lower than their year-ago levels amid the favourable economic conditions of late. In particular, the unemployment rate of the consumption- and tourism-related segment (viz. retail, accommodation and food services as a whole) in March - May 2017, at 4.8%, was 0.5 percentage point lower than the year-ago level.
On the short-term outlook, Sui said the labour market should remain tight in the near term. Nevertheless, the employment outlook for the rest of the year will continue to hinge on the development of various external uncertainties. The authority will stay vigilant and monitor the situation closely.
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