Hong Kong's jobless rate jumped to 3.7 percent in the three months through July, with nearly 150,000 people unemployed, despite logging a higher-than-expected economic growth in the second quarter.
The seasonally adjusted unemployment rate rose 0.2 percentage points in May-July from the April-June period, data from the Census and Statistics Department showed. The unemployment rate increased in many major economic sectors, with more distinct increases observed in the foundation and superstructure sector, food and beverage service activities sector, retail sector and real estate sector, the department said.
The underemployment rate remained unchanged at 1.4 percent.
The number of unemployed persons increased by around 8,800 to 145,000 in the three months ended July, and the figure of underemployed persons also increased by around 2,600 to 55,200.
The uptick in the number of unemployed people was partly attributable to the influx of fresh graduates and school leavers entering the labor market, Secretary for Labour and Welfare Chris Sun Yuk-han said in a statement.
Despite the rise, Sun said the government also noted “the positive development that the total employment also increased during the same period.”
Total employment grew by around 14,000 to 3.67 million in May to July.
While unemployment rates across various industries will continue to hinge on their respective business conditions, the government's various measures to promote economic growth, bolster consumption sentiment and attract investment are anticipated to support the overall labor demand, Sun noted.
The sustained growth of the Hong Kong economy should be able to drive job creation, creating more employment opportunities for fresh graduates and school leavers joining the labor force, he stated.
Hong Kong's economy expanded 3.1 percent year-on-year in real terms during the second quarter, matching the preliminary estimate and slightly exceeding the previous quarter's 3 percent growth, government data showed on Friday.
