Hong Kong's jobless rate rises to 3.5%
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The jobless rate in Hong Kong for the three months ended April rose slightly due to increased labor force outpacing total employment, the Census and Statistics Department of Hong Kong Special Administrative Region said here on Thursday.
The seasonally-adjusted jobless rate in February to April climbed to 3.5 percent from 3.4 percent in January to March, according to the statistic bureau. People unemployed rose by about 7,400 to 131,900.
The Secretary for Labor and Welfare of HKSAR Matthew Cheung said total employment increased notably further in February to April amidst continued robust economic growth and positive hiring sentiment in the corporate sector. "However, as this was outpaced by an even bigger increase in the labor force, unemployment edged up somewhat during the period".
Total employment increased by around 8,200 to 3,585,500 in the three months ended April, the statistic bureau said. Over the same period, the labor force increased by around 15,700 to 3,717,500.
On the short-term outlook, Cheung said the labor demand is expected to remain firm in the near term. However, a pick-up in the labor supply growth seems likely in the next few months, with a new batch of fresh graduates and school leavers entering the labor market, he said.
In addition, the implementation of statutory minimum wage may also induce some new entrants into the labor market, Cheung said. "The impact on unemployment will depend on the pace of job creation relative to the growth in labor supply".
Cheung said the Labor Department would step up its efforts in providing a free and comprehensive range of employment services to job seekers. "With the implementation of statutory minimum wage, large-scale job fairs targeted specifically at the likely affected sectors will be organized on May 25 to 26 and in July".
"The Labor Department will continue to promote employment programs for different vulnerable groups and proactively adopt a multi-pronged approach comprising measures on all fronts to facilitate employment of vulnerable groups of job seekers." he said.
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