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Following is the transcript (English portion) of the remarks by the Secretary for Labour and Welfare, Mr Matthew Cheung Kin-chung, on the latest unemployment statistics at a media stand-up today (February 18):
Reporter: Can you just explain the overall improvement in the labour market and do you think the growth is sustainable?
Secretary for Labour and Welfare: The unemployment rate has in fact fallen progressively from the peak of 5.4% in June-August last year and held stable now at 4.9%, the lowest since early last year. The latest figure reflected the vibrancy in business activities in the run-up to the Lunar New Year holidays. As improving business sentiment and consumer spending should continue to boost labour demand during the Lunar New Year period, pressure on unemployment is expected to ease further. However, in the near term, the performance of our employment market hinges on the overall economic situation as well as the pace of job creation in the corporate sector.
Whilst the trend of the unemployment rate remains stable in general, I must stress that there is no room for complacency. This is because our economic outlook is still subject to economic uncertainties despite our economic upturn and rebound since the second quarter of last year. Specifically, the economic recovery in the advanced economies is far from solid. Also, the timing and the pace of phasing out extraordinary fiscal stimulus measures in the advanced economies plus the rise of protectionist sentiment are risk factors that we must guard against. We therefore need to be vigilant and closely monitor the labour market situation.
(Please also refer to the Chinese portion of the transcript)
Ends/Thursday, February 18, 2010
Issued at HKT 18:52
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