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According to the latest labour force statistics released today (January 17) by the Census and Statistics Department, the seasonally adjusted unemployment rate decreased from 3.6% in September ¡V November 2007 to 3.4% (provisional figure) in October ¡V December 2007, the lowest level since January ¡V March 1998. Over the same period, the underemployment rate edged down from 2.2% to 2.1% (provisional figure).
Comparing October ¡V December 2007 with September ¡V November 2007, decreases in the unemployment rate (not seasonally adjusted) were mainly observed in the communications, manufacturing, and decoration and maintenance sectors. As to the underemployment rate, decreases were mainly seen in the amusement and recreational services, decoration and maintenance, and retail trade sectors.
Total employment increased by around 25 700, from 3 507 600 in September ¡V November 2007 to an all-time high of 3 533 300 (provisional figure) in October ¡V December 2007. Over the same period, the labour force increased by around 15 900, from 3 635 200 to 3 651 100 (provisional figure).
The number of unemployed persons (not seasonally adjusted) decreased by around 9 900, from 127 700 in September ¡V November 2007 to 117 800 (provisional figure) in October ¡V December 2007. Over the same period, the number of underemployed persons also decreased by around 4 800, from 80 200 to 75 400 (provisional figure).
Commentary
The labour market remained robust in October ¡V December 2007, with total employment surging to another record high of over 3.53 million and posting a faster increase than the labour force. The number of unemployed persons (not seasonally adjusted) thus declined further to below 120 000. Concurrently, the underemployment situation also improved. Taken together, the total number of unemployed and underemployed persons fell below the 200 000 mark for the first time since February ¡V April 1998. Meanwhile, the seasonally adjusted unemployment rate and the underemployment rate dropped to 3.4% and 2.1% respectively, with the former being the lowest level for over nine and a half years.
For 2007 as a whole, the unemployment rate averaged at 4.0%, down visibly from 5.6% in 2005 and 4.8% in 2006. This was due to a larger expansion in total employment than the labour force, by 2.5% as against 1.7%.
Welcoming the continued fall in the unemployment rate, the Secretary for Labour and Welfare, Mr Matthew Cheung Kin-chung noted that the labour market was upbeat and active in 2007.
¡§This underlined the strength and growth of our economy.
¡§However, the Government will continue to do its best to promote employment on all fronts. In particular, it will step up its efforts in helping those who have difficulty adjusting to an increasingly knowledge-based economy through training and retraining. To this end, the Employees Retraining Board is undergoing a strategic review in order to reposition itself and upgrade its services,¡¨ he added.
Looking ahead, he indicated that as ¡§business activity is likely to stay buoyant during the run-up to the Lunar New Year, labour demand is expected to be sustained in the near term.¡¨
¡§But the impact of recent volatilities in the financial sector on the job market has to be monitored,¡¨ Mr Cheung said.
Last year, the Labour Department (LD) netted 559 815 vacancies from the private sector, an increase of 16.6% over 2006. This figure was an all-time high.
In December last year, LD set up the first Youth Employment Resource Centre called ¡§Youth Employment Start¡¨ (Y.E.S.) in Langham Place, Mongkok. The centre provides one-stop advisory and support services on employment and self-employment to youngsters aged between 15 and 29. The Department is now making preparation for the second Y.E.S. in Kwai Fong.
Further Information
The unemployment and underemployment statistics were compiled from the findings of the continuous General Household Survey.
The survey for October ¡V December 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 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 September ¡V November 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/Thursday, January 17, 2008
Issued at HKT 16:15
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