Hong Kong's latest unemployment rate stands at 3.1 pct

Hong Kong's city government released the lasted labor force statistics on Monday, showing the seasonally adjusted unemployment rate stood at 3.1 percent from February to April in 2014, the same as that from January to March in 2014.

According to the survey conducted by the Census and Statistics Department, increases in the unemployment rate were mainly observed in the decoration, repair and maintenance for buildings, and accommodation services sectors, while decreases were mainly seen in the cleaning and similar activities sector, and the foundation and superstructure works of the construction sector.

Secretary for Labor and Welfare Bureau Matthew Cheung said that the labor market remained tight in February - April 2014, with the seasonally adjusted unemployment rate staying at a 16-year low of 3.1 percent for the fourth consecutive month. Total employment bounced back mildly and stayed close to the historical high.

"With the local economy poised to expand further at a moderate pace, the labor market is expected to remain steady in the near term. Nevertheless, the pace of global economic recovery remains fluid, while the U.S. Federal Reserve's tapering course will also bring about uncertainties. We will stay vigilant to these developments for their potential impacts on the local labor market. " Cheung added.

To promote youth employment, Cheung said the city's government will continue to provide employment support and training services on all fronts. The Labor Department has launched a number of pilot projects with employers and various organizations under the Youth Employment and Training Program this year.

The survey for February - April 2014 covered a sample of some 25,000 households or 75,000 persons, selected in accordance with a scientifically designed sampling scheme to represent the population of Hong Kong.