HK unemployment rate drops 0.1 percent

Hong Kong unemployment rate declined from 5.0 percent in April to June period to 4.9 percent in May to July period, said the Census and Statistics Department of Hong Kong on Thursday.

Comparing with April-June period, decreases in the unemployment rate in May-July were mainly observed in the foundation and superstructure construction, sanitary services and wholesale trade sectors.

Total employment increased by around 25,000, from 3.42 million to an all-time high of 3.45 million.

A government spokesman noted that total employment surged to an all-time high of above 3.45 million because of the continued economic expansion. Meanwhile, total labor force likewise rose to a new high upon the increased entry of fresh graduates and school leavers into the job market, thereby leading to a seasonal rise in the number of unemployed.

However, the spokesman pointed out that the labor market remained buoyant and vacancies grow 22.7 percent over the same period last year.

Source: Xinhua