HK's unemployment rate in June, August retains steady at 3.3%

HONG KONG -- The seasonally adjusted unemployment rate stayed at 3.3 percent for June and August, Hong Kong's Census & Statistics Department said Tuesday.

The underemployment rate also remained unchanged at 1.5 percent. Total employment increased by around 1,700 from 3,749,500 for May and July to 3,751,200 in June and August.

The number of unemployed people increased by around 1,800 from 134,000 in May and July to 135,800 in June and August. The number of underemployed people in June and August was 58,400, about the same as the previous two-month period.

Secretary for Labour & Welfare Matthew Cheung said resilient domestic demand helped the labor market perform well, absorbing nearly half of the increase in labor supply.

Total employment grew further to another record high, he said, and after discounting for seasonal factors, the seasonally adjusted unemployment rate stayed low at 3.3 percent.

He expects the labor market to remain stable in the near term as the local economy sees moderate growth, but US monetary policy and its impact on global fund flow direction and regional economies remain a cause for concern.

Cheung said the government will stay alert to these developments, and will closely monitor their potential impact on the local economy and labor market.