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According to the latest labour force statistics released today (March 18) by the Census and Statistics Department, the seasonally adjusted unemployment rate decreased from 3.4% in November 2007 - January 2008 to 3.3% (provisional figure) in December 2007 - February 2008, the lowest level since January - March 1998. Over the same period, the underemployment rate edged down from 2.1% to 1.9% (provisional figure).
Comparing December 2007 - February 2008 with November 2007 - January 2008, decreases in the unemployment rate (not seasonally adjusted) were mainly observed in the insurance, welfare and community services, amusement and recreational services, and restaurants sectors. As to the underemployment rate, decreases were mainly seen in the construction, amusement and recreational services, and hotels sectors.
Total employment decreased by around 10 200, from 3 550 500 in November 2007 - January 2008 to 3 540 300 (provisional figure) in December 2007 - February 2008. Over the same period, the labour force decreased by around 11 600, from 3 663 900 to 3 652 300 (provisional figure).
The number of unemployed persons (not seasonally adjusted) decreased by around 1 400, from 113 400 in November 2007 - January 2008 to 112 000 (provisional figure) in December 2007 - February 2008. Over the same period, the number of underemployed persons also decreased by around 6 700, from 75 500 to 68 800 (provisional figure).
Commentary
Welcoming the continued decline in the unemployment rate, the Secretary for Labour and Welfare, Mr Matthew Cheung Kin-chung, noted that the latest seasonally adjusted unemployment rate of 3.3% and the underemployment rate of 1.9% were the lowest levels in ten years. The number of unemployed persons (not seasonally adjusted) fell further to 112 000.
He pointed out that in February 2008, the Labour Department (LD) netted 52 187 vacancies from the private sector, an increase of 8.4% over January this year. On average, the Department received over 2 700 vacancies per working day.
"Although the employment scene has continued to improve, the Administration would keep up its efforts to promote employment on all fronts," he said.
To strengthen employment support for the youths, LD will open the second Youth Employment Resource Centre called "Youth Employment Start" (Y.E.S.) tomorrow (March 19) in Metroplaza, Kwai Fong.
In addition to the first Y.E.S. which opened in December 2007 in Langham Place, Mongkok, the two Centres provide one-stop advisory and support services on employment and self-employment to youngsters aged between 15 and 29. "This underlines the Administration's determination to promote youth employment," Mr Cheung said.
Looking ahead, Mr Cheung indicated that as stronger seasonal demand abated after the Lunar New Year holiday, any further decline in the unemployment and underemployment rates would depend on the growth in total employment relative to that in the labour supply in the corporate sector.
He added that the Government would closely monitor the possible impact on local employment arising from the highly volatile global financial markets and the recent downward adjustment in the local stock market.
Further Information
The unemployment and underemployment statistics were compiled from the findings of the continuous General Household Survey.
The survey for December 2007 - February 2008 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 October - December 2007 is now available and the next issue covering the quarter January - March 2008 will be available by end May 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 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 November 2007 - January 2008 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, March 18, 2008
Issued at HKT 16:15
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