According to the latest labor force statistics (i.e. provisional figures for March - May 2018) released on June19 by the Census and Statistics Department of the Hong Kong Special Administrative Region Government, the seasonally adjusted unemployment rate stood at 2.8% in March - May 2018, same as that in February - April 2018. The underemployment rate also remained unchanged at 1.0% in the two periods.
Comparing March - May 2018 with February - April 2018, movements in the unemployment rate (not seasonally adjusted) and underemployment rate in different industry sectors varied, but were all small in magnitude.
Total employment decreased by around 1 700 from 3 866 600 in February - April 2018 to 3 864 900 in March - May 2018. Over the same period, the labor force also decreased by around 2 300 from 3 979 500 to 3 977 200.
The number of unemployed persons (not seasonally adjusted) decreased by around 600 from 112 900 in February - April 2018 to 112 300 in March - May 2018. The number of underemployed persons in March - May 2018 was 41 000, about the same as that in February - April 2018 (41 100).
Commenting on the latest unemployment figures, the Hong Kong Secretary for Labour and Welfare, Dr. Law Chi-kwong, said, "Labor market remained tight in March – May 2018, with the unemployment rate (seasonally adjusted) and underemployment rate staying unchanged at 2.8% and 1.0% respectively. Total employment registered further solid growth on a year-on-year basis."
"While changes in sectoral jobless rates were minimal compared to the preceding three-month period, the unemployment situation in most of the major service sectors continued to show notable improvement compared to a year ago. In particular, on the back of strong global demand and buoyant inbound tourism, visible year-on-year declines in unemployment rates were seen in the trade- and tourism-related industries such as import and export trade, retail, and accommodation services."
Looking ahead, Dr. Law said, "Under the generally favorable economic situation, the labor market will likely stay tight in the near term. Yet, we will continue to monitor closely the various external uncertainties and developments in the local labor market."
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