Hong Kong’s jobless rate remains stable in September, short-term outlook remains overshadowed

The seasonally adjusted jobless rate of Hong Kong remained flat in September. The latest labor force statistics by the Census and Statistical Department showed that the unemployment rate stood at 3.4 percent in the three months to September, the same as in the June to August period. Also, the underemployment rate also stayed the same at 1.4 percent.

Sequentially, the unemployment rate movements in various sectors of industry varied. Warehousing and support activities for transportation sector mainly saw a rise in jobless rate, whereas the wholesale sector witnessed a decline in the unemployment rate.

Meanwhile, total employment dropped to 3,813,400 in July-September 2016 period from 3,816,800 in the three months to August. The labor force has also dropped by about 4000 to 3,954,000 in the same period. Seasonally unadjusted number of jobless persons fell by around 600 to 140,600 in the three months to September, while the number of underemployed people fell to 55,300 in the same period.

The Secretary for Labour and Welfare Matthew Cheung Kin-chung stated that the country’s labor market remained quite stable in overall terms in the three months to September and that total employment and the labor force rose moderately further over a year.

"While the labour market has stayed resilient so far this year, the near-term employment outlook remains overshadowed by the unsteady external environment and the moderate growth of the local economy. We will stay vigilant and monitor developments closely", added Cheung Kin-chung.