HK's unemployment rate stays at 3.3 pct

The seasonally adjusted unemployment rate of Hong Kong stood at 3.3 percent in the October to December period of 2014, same as that in September to November, according to the latest statistics released on Monday by the Census and Statistics Department of the Hong Kong Special Administrative Region government.

For 2014 as a whole, both the labor force and total employment grew further by 0.7 percent and 0.9 percent respectively, said Matthew Cheung, secretary for labor and welfare, adding the annual unemployment rate edged down from 3.4 percent in 2013 to 3.2 percent in 2014.

Comparing the October to December period with the September to November period, increases in the unemployment rate were observed in the information and communications and real estate sectors, while decreases were seen in the retail, food and beverage service activities sectors.

As to the underemployment rate, which also remained unchanged at 1.6 percent in the two periods, an increase was observed in the decoration, repair and maintenance for buildings sector while a decrease was seen in the cleaning and similar activities sector.

"The labor market held broadly stable in October-December 2014, with the seasonally adjusted unemployment rate staying at 3.3 percent for the sixth consecutive period. Both total employment and labor force kept growing moderately over a year earlier," Cheung said.

The end of the Occupy movement, the usually more vibrant business activity in the run-up to Christmas, together with the more stable consumer sentiment and notable growth in inbound tourism conceivably rendered support for the employment market, he added.

On the short-term outlook, the secretary said, "As labor demand will likely stay resilient during the New Year festive period, the unemployment rate can be expected to remain at a relatively low level in the near term."

"Nevertheless, in view of the still highly uncertain external environment and its potential repercussions on the local economy, we need to stay vigilant and monitor development in the labor market closely," he added.