Hong Kong Unemployment Rate Stable At 3.40 Percent In November

According to the latest labour force statistics released on December 18 by the Census and Statistics Department, the seasonally adjusted unemployment rate stood at 3.4 percent in November 2012, same as that in October 2012. The underemployment rate decreased from 1.5 percent in October 2012 to 1.4 percent in November 2012.

Comparing November 2012 with October 2012, increases in the unemployment rate (not seasonally adjusted) were mainly observed in the financing and insurance, and import and export trade sectors, while decreases were mainly observed in the wholesale and retail sectors. As to the underemployment rate, decreases were mainly seen in the cleaning and similar activities, and warehousing and support activities for transportation sectors.

Total employment increased by around 1 300 from 3 664 900 in October 2012 to 3 666 200 in November 2012. Over the same period, the labour force decreased by around 2 600 from 3 795 900 to 3 793 300.
The number of unemployed persons (not seasonally adjusted) decreased by around 3 900 from 131 000 in October 2012 to 127 100 in November 2012. Over the same period, the number of underemployed persons also decreased by around 3 200 from 57 400 to 54 200.
On the short-term outlook, the Secretary for Labour and Welfare, Mr Matthew Cheung Kin-chung, said, "Despite the subdued economic growth, the usually more buoyant business activities in the run-up to Christmas and New Year should boost labour demand, thereby keeping the unemployment situation stable for the time being. Nonetheless, uncertainties in the external environment, such as the evolving Eurozone debt crisis and US fiscal cliff, would continue to affect our economic prospects. We will continue to stay alert and monitor development closely. The Labour Department will also maintain its efforts in providing comprehensive employment service to job-seekers."

Census & Statistics Department | Andre Crujo | andre@tradingeconomics.com
12/18/2012 9:55:24 AM