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According to the latest labour force statistics released today (October 16) by the Census and Statistics Department, the seasonally adjusted unemployment rate decreased from 4.2% in June - August 2007 to 4.1% (provisional figure) in July - September 2007. The underemployment rate also declined from 2.3% to 2.2% (provisional figure) over the same period.
Comparing July - September 2007 with June - August 2007, decreases in the unemployment rate (not seasonally adjusted) were mainly observed in the decoration and maintenance, real estate, wholesale trade and restaurants sectors. As to the underemployment rate, decreases were mainly seen in the construction, wholesale trade and hotels sectors.
Total employment decreased by around 1 200, from 3 503 400 in June - August 2007 to 3 502 200 (provisional figure) in July - September 2007. Over the same period, the labour force decreased by around 11 400, from 3 669 700 to 3 658 300 (provisional figure).
The number of unemployed persons (not seasonally adjusted) decreased by around 10 300, from 166 400 in June - August 2007 to 156 100 (provisional figure) in July - September 2007, while the number of underemployed persons decreased by around 3 300, from 83 800 to 80 500 (provisional figure).
Commentary
A Government spokesman noted that total labour force registered a notable decrease in July - September 2007, due to the return of some summer workers to schools upon the start of the new academic year. Yet, in tandem with the sustained economic growth, total employment declined only moderately and stayed above the 3.5 million mark. As a result, the number of unemployed persons (not seasonally adjusted) dropped markedly. After discounting the seasonal factor, the latest seasonally adjusted unemployment rate edged down to 4.1%, back to its lowest level for more than nine years.
On the back of robust economic growth and sanguine consumer sentiment, whether the unemployment rate would drop to the 4% mark or below in the near term hinges on the pace of job creation relative to the growth in labour supply.
The spokesman noted that the labour market remained buoyant. In September 2007, the Labour Department netted 51 670 vacancies from the private sector, an increase of 19.2% over the same period last year. On average, the Department received over 2 700 vacancies per working day.
In the first three quarters of 2007, the Department netted 406 414 private sector vacancies, up 9.5% over the same period last year.
"As mentioned in the 2007-08 Policy Agenda, the Labour Department will open two Youth Employment Resource Centres before end-2007 to provide one-stop advisory and support services on employment and self-employment to young people aged 15-29. Together with the ongoing Youth Pre-employment Training Programme and the Youth Work Experience and Training Scheme, the Administration will continue to promote youth employment on all fronts," the spokesman added.
Further Information
The unemployment and underemployment statistics were compiled from the findings of the continuous General Household Survey.
The survey for July - September 2007 covered a sample of some 23 000 households or 73 000 persons, selected in accordance with a scientifically designed sampling scheme to represent the population of Hong Kong.
Data on labour force characteristics were obtained from the survey by interviewing each member aged 15 or over in the sampled households.
In the survey, the definitions used in measuring unemployment and underemployment follow closely those recommended by the International Labour Organisation.
Detailed analysis of labour force characteristics is given in the Quarterly Report on General Household Survey which is published four times a year. The current issue of the report covering the quarter April - June 2007 is now available and the next issue covering the quarter July - September 2007 will be available by end November 2007. Users can download this publication free of charge at the website of the Census and Statistics Department (C&SD) (www.censtatd.gov.hk/products_and_services/products/publications/index.jsp).
Print version of the current issue of this publication is available for sale at HK$56 per issue. Purchase can be done in person at the Publications Unit of the C&SD (Address: 19/F Wanchai Tower, 12 Harbour Road, Wan Chai; Tel: 2582 3025) or through mail order by returning a completed order form which can be downloaded from the C&SD's website (www.censtatd.gov.hk/products_and_services/other_services/provision_of_stat/mail_ordering_of_publications/index.jsp). Print version of this publication is also available for sale online at the Government Bookstore of the Information Services Department (www.bookstore.gov.hk).
Enquiries for more detailed labour force statistics for June - August 2007 can be directed to the General Household Survey Section (2), Census and Statistics Department (Tel: 2887 5508; Fax: 2508 1501; E-mail: ghs@censtatd.gov.hk).
Ends/Tuesday, October 16, 2007
Issued at HKT 16:17
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