A woman takes a selfie during a flower show at Victoria Park in Hong Kong on March 10, 2023. (PHOTO / AFP)
HONG KONG – The seasonally adjusted unemployment rate in Hong Kong decreased further from 3.4 percent in the November – January period to 3.3 percent in the December – February period, according to the latest labor force statistics.
The underemployment rate also decreased over this period from 1.4 percent to 1.3 percent, data released by the Census and Statistics Department on Thursday showed. The unemployment rate earlier dropped by 0.1 percentage points to 3.4 percent for the period between November and January compared to the period from October to December.
The unemployment rate decreased in many major economic sectors, with more distinct decreases observed in the retail sector; transportation sector; and arts, entertainment and recreation sector
"The unemployment and underemployment situation continued to improve.. The number of unemployed persons decreased by 2,700 to 115,700, and that of underemployed persons by 4,200 to 47,900," said Secretary for Labor and Welfare Chris Sun Yuk-han.
The unemployment rate decreased in many major economic sectors, with more distinct decreases observed in the retail sector; transportation sector; and arts, entertainment and recreation sector.
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Decreases in the underemployment rate were mainly seen in the decoration, repair and maintenance for buildings sector and insurance sector.
Total employment decreased by around 12,000 from 3,662,200 during November – January 2023 to 3,650,200 during December – February. Over the same period, the labor force also decreased by around 14,600 from 3,780,600 to 3,766,000.
Analyzed by sector, the combined unemployment rate of the consumption- and tourism-related sectors fell by 0.2 percentage point from the preceding three-month period to 4.3 percent in December – February.
Among these sectors, the unemployment rate of the retail sector declined by 0.3 percentage point to 3.9 percent, and that of the food and beverage service activities sector edged down by 0.1 percentage point to 4.8 percent.
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"The labor market conditions should improve further in the near term alongside the continued return of economic activities to normalcy and the rebound in inbound tourism," Sun said.