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According to the latest labour force statistics released today (April 17) by the Census and Statistics Department, the seasonally adjusted unemployment rate increased from 3.3% in December 2007 - February 2008 to 3.4% (provisional figure) in January - March 2008. The underemployment rate held stable at 1.9% in both periods (provisional figure for January - March 2008).
Comparing January - March 2008 with December 2007 - February 2008, increases in the unemployment rate (not seasonally adjusted) were mainly observed in the decoration and maintenance, communications and restaurants sectors. As to the underemployment rate, decreases were mainly seen in the wholesale and retail trades, offsetting the increases in the construction and communications sectors.
Total employment decreased by around 6 400, from 3 540 400 in December 2007 - February 2008 to 3 534 000 (provisional figure) in January - March 2008. Over the same period, the labour force increased by around 600, from 3 652 400 to 3 653 000 (provisional figure).
The number of unemployed persons (not seasonally adjusted) increased by around 6 900, from 112 000 in December 2007 - February 2008 to 118 900 (provisional figure) in January - March 2008. Over the same period, the number of underemployed persons also increased by around 1 600, from 68 800 to 70 400 (provisional figure).
Commentary
Total employment decreased by around 6 000 in January - March 2008, possibly owing to slackened business activity after the Lunar New Year holidays. Coupled with the slight expansion in labour force, the number of unemployed persons (not seasonally adjusted) rose by almost 7 000, after falling for six consecutive periods. Meanwhile, the seasonally adjustment unemployment rate edged up to 3.4% in January - March 2008.
Nevertheless, the number of vacancies received by the Labour Department continued to increase during the period. In March 2008, the Department received 56 695 vacancies from the private sector, up 7.6% over the same period last year, and up 8.6% when compared to last month's. On average, the Department received over 2 900 vacancies per working day.
Commenting on the latest figures, the Secretary for Labour and Welfare, Mr Matthew Cheung Kin-chung, said, "The Government will closely monitor the potential impact on local employment arising from increasing challenges posed by the US economic slowdown and the volatility of the global financial markets.
"The Government will also continue to strengthen employment services of various public sector agencies and enhance collaboration with employers and non-governmental organisations in seeking to promote self-reliance through work," he continued.
Further Information
The unemployment and underemployment statistics were compiled from the findings of the continuous General Household Survey.
The survey for January - March 2008 covered a sample of some 23 000 households or 73 000 persons, selected in accordance with a scientifically designed sampling scheme to represent the population of Hong Kong.
Data on labour force characteristics were obtained from the survey by interviewing each member aged 15 or over in the sampled households.
In the survey, the definitions used in measuring unemployment and underemployment follow closely those recommended by the International Labour Organisation.
Starting from the next press release to be announced on May 19, 2008, seasonal adjustment of the unemployment rate will be performed using the X-12 ARIMA method to replace the current X-11 ARIMA method. X-12 ARIMA method is an update to the X-11 ARIMA method with enhanced modelling and diagnostic capabilities. The X-12 ARIMA has now been a standard method used by statistical offices for performing seasonal adjustment of statistical series in many countries/territories.
Detailed analysis of labour force characteristics is given in the Quarterly Report on General Household Survey which is published four times a year. The current issue of the report covering the quarter October - December 2007 is now available and the next issue covering the quarter January - March 2008 will be available by end May 2008. Users can download this publication free of charge at the website of the Census and Statistics Department (C&SD) (www.censtatd.gov.hk/products_and_services/products/publications/index.jsp).
Print version of the current issue of this publication is available for sale at HK$56 per issue. Purchase can be done in person at the Publications Unit of the C&SD (Address: 19/F Wanchai Tower, 12 Harbour Road, Wan Chai; Tel: 2582 3025) or through mail order by returning a completed order form which can be downloaded from the C&SD's website (www.censtatd.gov.hk/products_and_services/other_services/provision_of_stat/mail_ordering_of_publications/index.jsp). Print version of this publication is also available for sale online at the Government Bookstore of the Information Services Department (www.bookstore.gov.hk).
Enquiries for more detailed labour force statistics for December 2007 - February 2008 can be directed to the General Household Survey Section (2), Census and Statistics Department (Tel: 2887 5508; Fax: 2508 1501; E-mail: ghs@censtatd.gov.hk).
Ends/Thursday, April 17, 2008
Issued at HKT 16:16
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