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According to the latest labour force statistics released today (November 16) by the Census and Statistics Department (C&SD), the seasonally adjusted unemployment rate declined from 4.7% in July - September 2006 to 4.5% (provisional figure) in August - October 2006, the lowest since the second quarter of 2001. Meanwhile, the underemployment rate rose from 2.3% to 2.4% (provisional figure).
Comparing August - October 2006 with July - September 2006, decreases in the unemployment rate (not seasonally adjusted) were mainly observed in the decoration and maintenance, real estate, insurance, import/export and retail trades sectors. As to the underemployment rate, increases were primarily found in the decoration and maintenance, and manufacturing sectors.
Total employment increased by around 4 200, from 3 496 100 in July - September 2006 to an all-time high of 3 500 300 (provisional figure) in August - October 2006. Over the same period, the labour force decreased by around 7 300, from 3 676 500 to 3 669 200 (provisional figure).
The number of unemployed persons (not seasonally adjusted) decreased by around 11 500, from 180 400 in July - September 2006 to 168 900 (provisional figure) in August - October 2006, while the number of underemployed persons increased by around 3 300, from 86 200 to 89 500 (provisional figure).
Commentary
A Government spokesman noted that the unemployment situation continued to improve. The number of unemployed persons fell below the 170 000 mark for the first time since mid-2001. This was due to the combined influence of a further increase in total employment and a contraction in the labour force between July - September and August - October. Meanwhile, the seasonally adjusted unemployment rate dropped to a 64-month low of 4.5%. The near-term outlook will mainly hinge on the growth of business activity and job creation in the corporate sector in the run-up to the Christmas and New Year holidays.
The spokesman noted that the labour market remained buoyant. In October, the Labour Department netted 39 261 vacancies from the private sector, an increase of 2.6% over the same period last year. On average, the Department currently receives 1 900 private sector vacancies on each working day.
Meanwhile, the Department achieved 100 660 job placements in the first ten months of this year, up 8.2% over the same period last year.
"Despite steady improvements in the general employment scene, the mismatch in human resources brought by the structural change in the local economy still needs to be addressed. The Government will continue to adopt a multi-pronged approach to promote employment on all fronts and strives to improve the business environment so that more job opportunities will be created in the open market," the spokesman said.
Further Information
The unemployment and underemployment statistics were compiled from the findings of the continuous General Household Survey.
The survey for August - October 2006 covered a sample of some 24 000 households or 74 000 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.
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 April - June 2006 is now available and the next issue covering the quarter July - September 2006 will be available by end November 2006. Users can download this publication free of charge at the "Statistical Bookstore, Hong Kong" (www.statisticalbookstore.gov.hk) of the C&SD.
Print version of the current issue of this publication is available for sale at HK$43 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 Statistical Bookstore and the Government Bookstore of the Information Services Department (www.isd.gov.hk/eng/bookorder.htm). Print versions if purchased online are offered a discount, at 85% of their original prices.
Enquiries for more detailed labour force statistics for July - September 2006 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, November 16, 2006
Issued at HKT 16:15
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