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According to the latest labour force statistics released today (September 16) by the Census and Statistics Department (C&SD), the seasonally adjusted unemployment rate decreased from 4.3% in May - July 2010 to 4.2% (provisional figure) in June - August 2010. The underemployment rate declined from 2.0% to 1.9% (provisional figure).
Comparing June - August 2010 with May - July 2010, decreases in the unemployment rate (not seasonally adjusted) were mainly observed in the postal and courier activities; arts, entertainment and recreation; professional and business services; and decoration, repair and maintenance for buildings sectors. As to the underemployment rate, decreases were mainly seen in the decoration, repair and maintenance for buildings and postal and courier activities sectors.
Total employment increased by around 12 400 from 3 500 200 in May - July 2010 to 3 512 600 (provisional figure) in June - August 2010. Over the same period, the labour force increased by around 12 500 from 3 667 600 to 3 680 100 (provisional figure).
The number of unemployed persons (not seasonally adjusted) in June - August 2010 was 167 500 (provisional figure), about the same as 167 400 in May - July 2010. Over the same period, the number of underemployed persons decreased by around 2 400 from 72 900 to 70 500 (provisional figure).
Commentary
The seasonally adjusted unemployment rate dropped for two consecutive months, slightly by 0.1 percentage point to 4.2% in June - August 2010 as compared with May - July 2010, the lowest level since November 2008 - January 2009.
The Secretary for Labour and Welfare, Mr Matthew Cheung Kin-chung, said, "The overall labour market conditions continue to improve."
Mr Cheung pointed out that the unemployment rate of the construction sector fell further by 0.1 percentage point to 7.0%, resulting in a cumulative decrease of 5.8 percentage points compared to its peak in early 2009. In terms of number of unemployed persons, the figure registered a significant cumulative decrease of 46.3%.
On youth employment, Mr Cheung noted that the unemployment rate of the 15-24 age group went up by 1.3 percentage points to 14.5%. Among them, the unemployment rate of youth aged 20-24 went up by 1.4 percentage points to 13.5%, while that of the 15-19 cohort increased by 0.4 percentage point to 20.5%. Compared with the 15.7% in the same period last year, the jobless rate for the 15-24 age group was still distinctly lower.
"In fact, the total employment showed a significant increase of 12 400, indicating that the market was able to absorb the new batch of fresh graduates and school leavers entering the labour market during the summer," he said.
Looking ahead, Mr Cheung indicated that the labour supply was expected to drop as some of the youngsters, who had joined the workforce during the summer months, went back to school for further study upon commencement of the new academic year in September, thus easing the pressure on unemployment in the near term.
"Whether the unemployment rate will continue the downward trend hinges more on the overall economic performance and in particular the pace of job creation. While the prevailing business sentiment remains largely positive, uncertainties relating to the weak economic growth in the United States as well as the Eurozone sovereign debt problem and its contagion remain a major concern. We therefore need to be vigilant and continue to monitor developments closely," he added.
In August 2010, the number of private sector vacancies posted by the Labour Department increased significantly by 42.0% from 52 758 in the same period of last year to 74 905, and rose by 12.2% when compared to 66 734 in the preceding month. The number of successful placements increased by 9.3% from 12 681 in July 2010 to 13 860, and up by 41.5% over 9 793 in the same period last year.
Further Information
The unemployment and underemployment statistics were compiled from the findings of the continuous General Household Survey.
The survey for June - August 2010 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 2010 is now available and the next issue covering the quarter July - September 2010 will be available by end November 2010. 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/statistical_report/labour/index.jsp).
Enquiries for more detailed labour force statistics for May - July 2010 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/Thursday, September 16, 2010
Issued at HKT 16:36
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