Hong Kong's seasonally adjusted unemployment rate inched down 0.1 percentage points to 3.8 percent between August and October from the July-September period, underpinned by steady economic growth, official data shows.
Earlier, Financial Secretary Paul Chan Mo-po said in an online post expects a potential drop in the unemployment rate given "positive market anticipation.”
According to the Census and Statistics Department, the underemployment rate remained unchanged at 1.6 percent in these two periods.
The unemployment rate (not seasonally adjusted) decreased across many major economic sectors, with more distinct decreases observed in the retail, accommodation and food services sector, professional and business services sector (excluding cleaning and similar activities), foundation and superstructure sector, and financing sector.
Total employment fell by around 1,800 to 3,672,700, while the labor force declined by about 7,800 to 3,822,300.
The number of unemployed persons decreased by 6,000, and the underemployed persons rose by 800.
Secretary for Labour and Welfare Chris Sun Yuk-han said the solid expansion of the Hong Kong economy, along with the steadfast improvement in business sentiment and the gradual recovery in consumption confidence, should provide support to the labour market.
However, the employment situations of some sectors would continue to face challenges from economic restructuring, he added.
