Hong Kong unemployment rate holds steady at 3.3pc in July
Hong Kong’s unemployment rate was 3.3 per cent in July, same as it was in June, as the labour market was largely abke ti absorb recent school graduates, the government said on Monday.
Decoration, repair and maintenance for buildings saw an increase in the jobless rate but warehousing and support sectors for transportation posted a decrease, the Census and Statistics Department said.
The underemployment rate, which measures the number of people who cannot find 35 hours of work a week, fell from 1.6 per cent in June to 1.5 per cent in July.
Total employment rose by 4,400 to a record high of 3.75 million, despite an increase of 1,900 unemployment people in July, the department said. The latest number of unemployed people was 134,000.
Secretary for Labour and Welfare Matthew Cheung Kin-chung said the labour market was able to absorb about two-thirds fof recent graduates.
He also said about 90 per cent of people aged 15 to 25 in the labour force who had completed their studies last year, and 92 per cent who completed their studies in 2011, had jobs in July.
“The employment situation for fresh graduates and school leavers over the last two years has held up rather well,” he said.
Cheung said short-term labour demand would likely remain stable on the back of resilient domestic demand.