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HK Latest Jobless Rate Stays Flat at 3.1%, Meeting Estimates
According to the latest labour force statistics released today (19 October) by the Census and Statistics Department (C&SD), the seasonally adjusted unemployment rate stood at 3.1% ...
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HK Latest Jobless Rate Stays Flat at 3.1%, Meeting Estimates
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According to the latest labour force statistics released today (19 October) by the Census and Statistics Department (C&SD), the seasonally adjusted unemployment rate stood at 3.1% in July - September 2017, same as that in June - August 2017, in line with market expectation. The underemployment rate also remained unchanged at 1.1% in the two periods.

Comparing July - September 2017 with June - August 2017, movements in the unemployment rate (not seasonally adjusted) in different industry sectors varied, but were all small in magnitude. As to the underemployment rate, an increase was mainly seen in the repair, laundry, domestic and other personal service activities sector while a decrease was mainly seen in the foundation and superstructure works of the construction sector.

Total employment decreased by around 3,800 from 3.8412 million in June - August 2017 to 3.8374 million in July - September 2017. Over the same period, the labour force also decreased by around 5,600 from 3.9712 million to 3.9656 million.

The number of unemployed persons (not seasonally adjusted) decreased by around 1,800 from 130,000 in June - August 2017 to 128,200 in July - September 2017. Over the same period, the number of underemployed persons also decreased by around 1,500 from 45,200 to 43,700.

Commenting on the latest unemployment figures, the Secretary for Labour and Welfare Law Chi-kwong said the labour market remained tight in July - September 2017. The seasonally adjusted unemployment rate stayed at 3.1% for the fourth consecutive three-month period, while the underemployment rate was also unchanged at 1.1%, signifying a continuation of full employment.

On the short-term outlook, Law said barring any abrupt downturns in the external environment, labour market conditions will likely remain favourable in the near term. Yet, the government will stay vigilant and closely monitor the relevant developments.
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