Economy

HK's jobless rate falls to 3.8%

(Xinhua)
Updated: 2011-02-22 10:26

HONG KONG - Hong Kong's jobless rate fell to 3.8 percent between November 2010 to January 2011, the lowest since August to October 2008, followed by sustained economic growth and job creation, the local authorities announced Monday.

The seasonally adjusted unemployment rate fell to 3.8 percent in November-January from 4 percent in the October-December quarter while the underemployment rate remained unchanged at 1.8 percent, according to figures released by the Census and Statistics Department of Hong Kong Special Administrative Region government.

Total employment maintained a strong growth trend in 2011, thanks to robust business activities and labor demand in the run-up to the Lunar New Year holiday, said Secretary for Labor and Welfare Matthew Cheung.

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The total employment increased for the eighth consecutive month to an all-time high of 3,582,100. As many as 98,900 jobs were created in the labor market in the past eight months. The number of unemployed persons fell notably to 130,200, the lowest level since June-August 2008.

"The unemployment rate is expected to remain at low levels in the near term," said Cheung.

The external environment, especially the lackluster performance of the advanced economies and the sovereign debt crisis in the Euro zone, remains a cause for concern, he added.