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According to the latest labour force statistics released today (October 20) by the Census and Statistics Department (C&SD), the seasonally adjusted unemployment rate increased from 3.2% in June - August 2008 to 3.4% (provisional figure) in July - September 2008. Meanwhile, the underemployment rate decreased from 1.9% to 1.8% (provisional figure) over the same period.
Comparing July - September 2008 with June - August 2008, increases in the unemployment rate (not seasonally adjusted) were mainly observed in the wholesale and retail, restaurants, manufacturing and financing sectors. As to the underemployment rate, decreases were mainly seen in the decoration and maintenance, and transport sectors.
Total employment decreased by around 3 200, from 3 546 300 in June - August 2008 to 3 543 100 (provisional figure) in July - September 2008. Over the same period, the labour force increased by around 1 800, from 3 675 400 to an all-time high of 3 677 200 (provisional figure).
The number of unemployed persons (not seasonally adjusted) increased by around 4 900, from 129 100 in June - August 2008 to 134 000 (provisional figure) in July - September 2008. Over the same period, the number of underemployed persons decreased by around 2 700, from 69 000 to 66 300 (provisional figure).
Commentary
A Government spokesman noted that the labour force continued to expand in July - September 2008, albeit at a more moderate pace, as some summer workers returned to schools upon the start of the new academic year. Coupled with a decrease in total employment, this led to an increase in the number of unemployed persons (not seasonally adjusted). After discounting the seasonal factor, the seasonally adjusted unemployment rate moved up to 3.4% in July - September 2008, reversing the decrease seen earlier in the year.
In September 2008, the Labour Department netted about 67 000 vacancies from the private sector, up 31% over the same period last year. On average, the Department received about 3 200 vacancies per working day. However, the vacancies received from the finance and real estate sectors, which may be more affected by the global financial turmoil, registered a decrease of 4.3% and 5.8% respectively over August 2008.
The Secretary for Labour and Welfare, Mr Matthew Cheung Kin-chung, cautioned that owing to time lag, the vacancy level in September might not have reflected the impact of the global financial turmoil which is now beginning to be felt.
"Looking ahead, unemployment is likely to rise further in the near term. Some sectors are bound to be affected by a contraction in business triggered by the global economic crisis. The Labour Department will closely monitor the situation and stands ready to help the affected employees.
"The Government will continue to enhance its employment services and the competitiveness of the local workforce through education, training and retraining services and job search facilitation. In the long run, the implementation of the major infrastructure projects will help create employment opportunities and economic benefits," he said.
Mr Cheung noted that the Government had proposed to introduce a series of facilitating measures to improve the Small and Medium Enterprises (SME) Funding Schemes with a view to strengthening support to SMEs and will continue to discuss with them and listen to their views.
"I believe SMEs could benefit from these measures. I hope that employers could actively consider job restructuring or job sharing as an option to tide over the difficult period," he added.
Further Information
The unemployment and underemployment statistics were compiled from the findings of the continuous General Household Survey.
The survey for July - September 2008 covered a sample of some 24 000 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 2008 is now available and the next issue covering the quarter July - September 2008 will be available by end November 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$57 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 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/Monday, October 20, 2008
Issued at HKT 17:09
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