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According to the latest labour force statistics released today (November 19) by the Census and Statistics Department, the seasonally adjusted unemployment rate decreased from 4.1% in July - September 2007 to 3.9% (provisional figure) in August - October 2007, the lowest level since March - May 1998. Yet the underemployment rate increased slightly from 2.2% to 2.3% (provisional figure) over the same period.
Comparing August - October 2007 with July - September 2007, decreases in the unemployment rate (not seasonally adjusted) were mainly observed in the restaurants, manufacturing, amusement and recreational services, and real estate sectors. As to the underemployment rate, increases were mainly seen in the construction, sanitary services and communications sectors.
Total employment decreased by around 7 300, from 3 502 200 in July - September 2007 to 3 494 900 (provisional figure) in August - October 2007. Over the same period, the labour force decreased by around 19 900, from 3 658 400 to 3 638 500 (provisional figure).
The number of unemployed persons (not seasonally adjusted) decreased by around 12 700, from 156 300 in July - September 2007 to 143 600 (provisional figure) in August - October 2007, while the number of underemployed persons increased by around 1 700, from 80 500 to 82 200 (provisional figure).
Commentary
Upon the return of summer workers back to school, there was a further contraction in both total labour force and total employment. As total employment exhibited a more moderate decrease, the number of unemployed persons (not seasonally adjusted) dropped significantly to below the 150 000 level in August - October 2007. As a result, the latest seasonally adjusted unemployment rate fell to 3.9%, below the 4% mark for the first time since March - May 1998.
The Secretary for Labour and Welfare, Mr Matthew Cheung Kin-chung, welcomed the notable drop in the unemployment rate.
"This reflected the robust state of our economy and the buoyancy of the labour market", he said. In October 2007, the Labour Department netted 56 948 vacancies from the private sector, a significant increase of 45% over the same period last year. On average, the Department received over 2 700 vacancies per working day.
He stressed, however, that the Government "will continue to step up its efforts to help those in need of employment assistance". These include job-seekers with lower skills level and lesser education and those finding it difficult to adjust to an increasingly knowledge-based economy.
"The relaxation of the eligibility criteria for training under the Employees Retraining Board with effect from December 1 this year will be a significant step in this direction and should benefit more people," he said.
To help job-seekers enter/re-enter the labour market, the Department will also hold a job fair on November 30, 2007 at Sha Tin Town Hall. Over 2 800 vacancies from various sectors including retail, catering and property management will be offered.
Supported by robust economic growth and sanguine consumer sentiment, particularly so in the run-up to the Christmas and New Year Holidays, there may be room for further improvement in unemployment in the near term.
Further Information
The unemployment and underemployment statistics were compiled from the findings of the continuous General Household Survey.
The survey for August - October 2007 covered a sample of some 23 000 households or 72 000 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 July - September 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/Monday, November 19, 2007
Issued at HKT 16:22
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