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According to the latest labour force statistics released today (December 18) by the Census and Statistics Department, the seasonally adjusted unemployment rate decreased from 3.9% in August ¡V October 2007 to 3.6% (provisional figure) in September ¡V November 2007, the lowest level since February ¡V April 1998. The underemployment rate also edged down from 2.3% to 2.2% (provisional figure) over the same period.
Comparing September ¡V November 2007 with August ¡V October 2007, decreases in the unemployment rate (not seasonally adjusted) were observed in almost all major economic sectors, particularly the wholesale trade, restaurants and construction sectors. As to the underemployment rate, decreases were mainly seen in the retail trade, welfare and community services, and restaurants sectors.
Total employment increased by around 13 400, from 3 495 400 in August ¡V October 2007 to an all-time high of 3 508 800 (provisional figure) in September ¡V November 2007. Over the same period, the labour force decreased slightly by around 2 500, from 3 639 000 to 3 636 500 (provisional figure).
The number of unemployed persons (not seasonally adjusted) decreased by around 15 900, from 143 600 in August ¡V October 2007 to 127 700 (provisional figure) in September ¡V November 2007. Over the same period, the number of underemployed persons also decreased, by around 2 000 from 82 200 to 80 200 (provisional figure).
Commentary
The labour market was very buoyant in September ¡V November 2007 with total employment hitting a historical high of about 3.51 million. Coupled with a slight drop in total labour force, the number of unemployed persons (not seasonally adjusted) fell significantly to less than 130 000, the first time since March ¡V May 1998. As a result, the latest seasonally adjusted unemployment rate decreased further to 3.6%, the lowest level for over nine and a half years.
The Secretary for Labour and Welfare, Mr Matthew Cheung Kin-chung, welcomed the latest notable drop in the unemployment rate. In November 2007, the Labour Department netted 55 898 vacancies from the private sector, a significant increase of 41.4% over the same period last year. On average, the Department received over 2 500 vacancies per working day.
¡§These encouraging figures reflected our sustained economic growth and an upbeat labour market,¡¨ he said.
However, he stressed that the Government would not be complacent and would keep up its efforts to help those who have difficulty entering the labour market, particularly those from remote districts like Tin Shui Wai and Tung Chung.
Looking ahead, whether the unemployment rate would drop further hinges on the pace of job creation relative to the growth in labour supply during the festival period around Christmas and the New Year.
Further Information
The unemployment and underemployment statistics were compiled from the findings of the continuous General Household Survey.
The survey for September ¡V November 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 July ¡V September 2007 is now available and the next issue covering the quarter October ¡V December 2007 will be available by end February 2008. 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 Wan Chai 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 August ¡V October 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, December 18, 2007
Issued at HKT 16:15
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