MIL-OSI Asia-Pac: Jobless rate drops to 4.7%

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Source: Hong Kong Information Services

The seasonally adjusted unemployment rate fell by 0.3 percentage points to 4.7% for the period between June and August compared to the period from May to July, the Census & Statistics Department announced today.

The underemployment rate also dropped to 2.2% during the period.

Total employment rose by about 1,700 to 3,651,700 while the labour force fell by about 8,900 to 3,839,500.

There were 187,700 unemployed people from June to August, a drop of around 10,700 from the preceding May to July period. The number of underemployed people also dropped by around 6,100 to 86,200.

Analysed by sector, among the consumption- and tourism-related sectors, the unemployment rates of the retail sector and the accommodation services sector dipped by 0.4 and 0.5 percentage points from the preceding three-month period to 6.4% and 6.9%.

The unemployment rate of food and beverage service activities remained unchanged at 8.6%. Meanwhile, the unemployment rates of most other economic sectors fell, with those of the construction sector and the transportation sector showing visible declines.

Looking ahead, Secretary for Labour & Welfare Dr Law Chi-kwong said the labour market should continue to improve along with the economic recovery. He said the Consumption Voucher Scheme will also render support to consumption activities.

However, the economic and labour market outlook is still subject to uncertainty, mainly stemming from the spread of more infectious Delta variant in many places around the world.

To help realise a full economic recovery and further improvement in the labour market, it is essential for the community to strive towards more widespread vaccination, he added.

MIL OSI Asia Pacific News