Hong Kong July jobless rate remains stagnant for fourth straight month

Unemployment rate in Hong Kong remained stagnant for the fourth straight month in a row in July; however, the near-term outlook remains remained cloudy, data released showed Thursday.

Hong Kong’s seasonally adjusted unemployment rate was 3.4 percent, where it has been since March. Economists had forecast a higher figure of 3.5 percent, data released by the Census and Statistics Department showed Thursday. The unadjusted unemployment rate was also unchanged at 3.5 percent.

On an unadjusted basis, unemployment increased mainly in the warehousing and support activities for transportation sector, while it declined in the construction sector. The number of unemployed rose by 2,700 persons to 138,800 in July.

"The near-term employment outlook is still clouded by the lingering external headwinds and their potential repercussions on local business sentiment," said Matthew Cheung, Labor Secretary.

Meanwhile, Cheung further mentioned that the easing trend in labor demand across a number of sectors remain a cause of concern for the labor market in the future course of time.