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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 (November 16):
Thanks to sustained economic growth and job creation, total employment increased for the fifth consecutive month to 3,531,400. This is the highest level in almost three years, since November 2007 to January 2008. As a result of significant job gains, total employment has, for the first time, surpassed the level before the financial tsunami. Meanwhile, the number of unemployed persons fell notably further to 153,200, which is the lowest level in almost two years. These two developments are noteworthy.
On the near-term outlook, with support from the seasonal upsurge in business activity in the run-up to Christmas and the New Year, labour demand is expected to remain firm in the next few months, thereby further easing the pressure on unemployment.
Despite this, uncertainties still abound on the horizon in the external environment. Specifically, the effectiveness of the latest round of the United States' quantitative easing, QE2, in propping up the United States' economy, plus the lingering sovereign debt problem in the Euro-zone, are real uncertainties that we have to take account of in charting our way forward. We will continue to monitor developments closely.
(Please also refer to the Chinese portion of the transcript.)
Ends/Tuesday, November 16, 2010
Issued at HKT 18:25
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