HK Latest Jobless Rate Holds at 3.7%, In Line with Consensus

According to the Census and Statistics Department, the seasonally adjusted unemployment rate for Feb to Apr this year was 3.7%, unchanged from Jan to Mar this year and in line with market expectations. The underemployment rate edged down from 1.6% in Jan to Mar this year to 1.5% in Feb to Apr this year.Compared with Jan to Mar this year, movements in unemployment rates (not seasonally adjusted) for different sectors in Feb to Apr this year varied. A decline was mainly observed in the construction sector, while an increase was mainly seen in the manufacturing sector. As for the underemployment rate, decreases were primarily recorded in the foundation and superstructure works sector, as well as in the food and beverage service activities sector.Total employment decreased from 3,655,700 persons in Jan to Mar this year to 3,648,000 persons in Feb to Apr this year, a decline of about 7,700 persons. Over the same period, the total labour force also fell from 3,792,400 to 3,787,200, a decrease of about 5,200 persons.The number of unemployed persons (not seasonally adjusted) increased from 136,600 in Jan to Mar this year to 139,200 in Feb to Apr this year, an increase of about 2,600 persons. Meanwhile, the number of underemployed persons declined from 60,100 to 58,100, a decrease of about 2,000 persons.Commenting on the latest unemployment figures, Secretary for Labour and Welfare Chris Sun Yuk-han said the seasonally adjusted unemployment rate for Feb to Apr this year remained at 3.7%, unchanged from the preceding three-month period. At the same time, the underemployment rate edged down by 0.1 ppts to 1.5%. The labour force and total employment both recorded slight decreases during the period.Looking ahead, Chris Sun Yuk-han said, "Hong Kong's strong economic growth momentum should provide support to the overall labour market. The Government will remain vigilant to the potential impact of escalating geopolitical risks and continue to closely monitor relevant developments." (ad/u)AASTOCKS Financial News