Hong Kong Jan-March unemployment 4.3 pct, unchanged from Dec-Feb - UPDATE

Hong Kong Jan-March unemployment 4.3 pct, unchanged from Dec-Feb - UPDATE


HONG KONG (XFN-ASIA) - The unemployment rate in Hong Kong during the three months to March stood at 4.3 pct, unchanged from the December-February level, the government said.

It said the underemployment rate was also unchanged at 2.2 pct.

The government noted an apparent reduction in unemployment in the amusement and recreational services, communications and real estate sectors, while increases in unemployment were marked in the construction, manufacturing and sanitary services sectors.

It said a lower underemployment rate was more apparent in the sanitary services and communications sectors, offsetting the increases in the amusement and recreational services, and the wholesale trade sectors.

Total employment dropped by about 11,200 to 3,459,900 in the three months to March.

Over the same period, the labor force fell by some 5,500 to 3,612,400.

The number of unemployed people increased by around 5,700 to 152,500 in the three months to March, while the number of underemployed workers remained stable at 80,500.

A government spokesman said that while total labor supply fell in the three months to March from the previous three-month period, this was more than offset by a larger reduction in total employment due to slower business activity and reduced demand for labor after the Lunar New Year holidays in February.

The Labor Department received 52,701 vacancies in March from the private sector, an increase of 5.3 pct over the same month last year.

'The near-term employment outlook will hinge on the overall economic performance and in particular, on the pace of job creation in the corporate sector,' he said.