Hong Kong jobless rate declines in November, still economic outlook remaines cloudy

The rate of unemployment in Hong Kong declined during the month of November on lesser jobs available in the professional and businesses sector.

Hong Kong's jobless rate fell to 3.3 percent in the three-month period ended November after staying at 3.4 percent in the previous eight reporting periods, data released by the Census and Statistics Department showed Monday.

Total employment decreased by around 4 600 from 3 810 900 in August - October 2016 to 3 806 300 in September - November 2016. Over the same period, the labour force also decreased by around 10 100 from 3 947 000 to 3 936 900.

The number of unemployed persons (not seasonally adjusted) decreased by around 5 500 from 136 100 in August-October 2016 to 130 600 in September-November 2016. Over the same period, the number of underemployed persons also decreased by around 600 from 55,300 to 54,700.

The unemployment rate of the consumption-related and tourism-related segment (retail, accommodation and food services as a whole) remained unchanged at 5.2 percent in September - November 2016 when compared to the preceding period.

"The labour market continued to display resilience and remained in full employment in September -November 2016. Labour market condition looks set to remain tight in the short term. Yet, the outlook beyond the near term continues to be overshadowed by a highly uncertain external environment, with potential impact on the local economy. We will stay vigilant and monitor developments closely," said Matthew Cheung Kin-chung, Secretary, Labour and Welfare.