|HK jobless rate rises in May-July
The unemployment rate in Hong Kong rose unexpectedly in the three months ended July, the Census and Statistics Department said today.
The seasonally adjusted jobless rate was 3.3 percent in the May to July period, compared to 3.2 percent in the April to June period. It beat economist's expected where the unemployment rate would stay at 3.2 percent.
The underemployment rate remained unchanged at 1.5 percent.
On an unadjusted basis, the number of unemployed people increased to 133,300 in the three months ended July from 127,600 in the three months ended June.
Employment grew to a record 3.77 million in July, up 26,400 from June. The labor force expanded by 32,100 to 3.90 million.
Secretary for Labor and Welfare Matthew Cheung Kin-chung said the labor market showed some initial signs of easing with the distinct slackening in inbound tourism and slowdown in domestic demand recently.
"Looking forward, the employment situation in the near term will hinge on the overall economic situation, including how tourism and consumption-related sectors would fare,'' he added.