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HK Latest Jobless Rate Stays at 2.8%
According to the latest labour force statistics released today by the Census and Statistics Department (C&SD), the seasonally adjusted unemployment rate stood at 2.8% in April - June 2019, same as that in March - May 2019. The underemployment rate also remained unchanged at 1% in the two periods.
Comparing April - June 2019 with March - May 2019, movements in the unemployment rate (not seasonally adjusted) in different industry sectors varied, with a relatively notable decrease observed in the foundation and superstructure works of the construction sector and a relatively notable increase in the accommodation services sector. Movements in the underemployment rates in different industry sectors also varied, but were generally small in magnitude.
Commenting on the latest unemployment figures, the Secretary for Labour and Welfare, Law Chi-kwong said, the labour market stayed tight in April - June 2019. Both the unemployment rate (seasonally adjusted) and the underemployment rate remained unchanged, at 2.8% and 1.0% respectively.
The unemployment situation was broadly steady in most economic sectors. However, the unemployment rate in foundation and superstructure works of the construction sector has been generally rising over the past year notwithstanding the decrease in the latest three-month period, conceivably due to the completion of some major infrastructure projects. The unemployment rate in the import and export trade sector also increased visibly over a year earlier amid weaker trade flows.
Looking ahead, Law said the labour market is expected to remain largely stable in the near term. The Government will stay vigilant to how a softer economic environment and other unfavourable factors will affect the local labour market going forward.
AAStocks Financial News
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