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According to the latest labour force statistics released today (February 21) by the Census and Statistics Department, the seasonally adjusted unemployment rate decreased from 4.0% in October - December 2010 to 3.8% (provisional figure) in November 2010 - January 2011. The underemployment rate remained unchanged at 1.8% in the two periods (provisional figure for November 2010 - January 2011).
Comparing November 2010 - January 2011 with October - December 2010, decreases in the unemployment rate (not seasonally adjusted) were mainly observed in the decoration, repair and maintenance for buildings, information and communications, and transportation sectors. As to the underemployment rate, decreases were mainly seen in the foundation and superstructure, and real estate sectors, offsetting increases in the decoration, repair and maintenance for buildings, and arts, entertainment and recreation sectors.
Total employment increased by around 18 400 from 3 563 700 in October - December 2010 to 3 582 100 (provisional figure) in November 2010 - January 2011. Over the same period, the labour force increased by around 12 300 from 3 700 000 to 3 712 300 (provisional figure).
The number of unemployed persons (not seasonally adjusted) decreased by around 6 100 from 136 300 in October - December 2010 to 130 200 (provisional figure) in November 2010 - January 2011. The number of underemployed persons remained unchanged at 67 000 in the two periods (provisional figure for November 2010 - January 2011).
Commentary
The seasonally adjusted unemployment rate dropped further by 0.2 percentage point from October - December 2010 to 3.8% in November 2010 - January 2011, the lowest level since August - October 2008, while the underemployment rate remained at 1.8%, showing that the unemployment and underemployment situation continued to improve. For younger persons aged 15-24, the unemployment rate decreased by another 0.7 percentage point from 11.4% in the previous period to 10.7%. The unemployment rate of the construction sector likewise continued to improve and fell further by 0.3 percentage point to 4.5%.
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Commenting on the latest unemployment figures, the Secretary for Labour and Welfare, Mr Matthew Cheung Kin-chung, said, "Followed by sustained economic growth and job creation, total employment increased for the eighth consecutive month to an all-time high of 3 582 100. As many as 98 900 jobs were created in the labour market in the past eight months. Meanwhile, the number of unemployed persons fell notably to 130 200, the lowest level since June - August 2008."
On the near-term outlook, Mr Cheung said, "Total employment maintained its strong growth trend on entering 2011, thanks to the robust business activities and labour demand in the run-up to the Lunar New Year holidays. It is customary for employers to review and if necessary adjust their staffing position after the holidays. According to the latest vacancy data and business survey feedback, employers generally are still adopting a positive attitude towards hiring. More new jobs are therefore expected. The unemployment rate is expected to remain at low levels in the near term."
"Notwithstanding this, the external environment, in particular the lackluster performance of the advanced economies and the sovereign debt crisis in the Euro zone, remain a cause for concern. We will continue to monitor developments closely," he added.
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Further Information
The unemployment and underemployment statistics were compiled from the findings of the continuous General Household Survey.
The survey for November 2010 - January 2011 covered a sample of some 24 000 households or 74 000 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 publication covering the quarter July - September 2010 is now available and the next issue covering the quarter October - December 2010 will be available by end February 2011. Users can download this publication free of charge at the website of the Census and Statistics Department (www.censtatd.gov.hk/products_and_services/products/publications/statistical_report/labour/index.jsp).
Enquiries for more detailed labour force statistics for October - December 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/Monday, February 21, 2011
Issued at HKT 16:30
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