Unemployment rate holds steady at 3.4pc for second month

Hong Kong’s unemployment rate was 3.4 per cent in February, the same level as in January, the government said on Monday.

The underemployment rate, which measures the number of people who cannot find work of 35 hours per week, fell to 1.5 per cent from 1.6 per cent.

Job losses over the period mainly occurred the transportation and construction sectors, while new recruitments were mainly seen in warehousing, support activities for transportation, and professional and business services sector.

Secretary for Labour and Welfare Matthew Cheung Kin-chung said the labour market remained largely stable in tandem with a solid demand during the festive period.

Buoyant domestic consumption and inbound tourism in the short term should continue to fuel labour demand, helping to keep labour market conditions stable, Cheung said.

But he also noted that after the Lunar New Year business activity usually subsided and employers began conducting their annual review of their manpower needs.