Hong Kong Unemployment Steady at 3.2 percent

The seasonally adjusted jobless rate in Hong Kong stood at 3.2 percent in June to August, the same as that in May to July, while the underemployment rate rose to 1.7 percent from 1.5 percent, the city’s statistics department said here Tuesday.

According to the data, the labor force decreased by about 1,200 to 3.8 million in June-August, while the number of underemployed grew by 6,800 to 63,400. The increase in underemployment was mainly seen in the construction, and food and beverage service activities sectors.

Increases in the unemployment rate were mainly seen in the warehousing and support activities for transportation, and professional and business services sectors, excluding cleaning and similar activities, while decreases were mainly observed in the construction and real estate sectors.

Secretary for the city’s Labor and Welfare Department Matthew Cheung said, the employment situation hinges on overall economic performance and in particular the pace of job creation in the corporate sector.

He said, the number of job vacancies is still at a relatively high level, with some employers having adopted a more cautious attitude towards staff hiring.

via Xinhua

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza