Jobless total below 3 pc

Seasonally-adjusted unemployment has dropped below three per cent for the first time in 14 months, according to the latest government figures.

Economists said the fall to a provisional 2.9 per cent between May and July this year was due to slower growth in the labour force.

The trend of large numbers of migrants returning to Hong Kong was levelling off and more workers were emigrating.

At the same time, growth in the labour supply in the three months up to the end of June this year matched the total employment growth of 3.1 per cent, according to Census and Statistics Department figures.

Unemployment slipped to 3.1 per cent from April to June, down from 3.2 per cent between March and May. Between April and June this year, the number of unemployed people who previously had jobs was estimated at 86,200, and another 6,400 were first-time job seekers. The number of underemployed people was estimated to be 56,900.

But the unemployment rate is unlikely to continue its downward trend and should stabilise between 2.8 per cent to three per cent for the rest of the year, economists said. However, Hongkong Bank economist Wong Shek-fai said the future looked bright.