Hong Kong Jobless Rate Falls To 3.8%

(RTTNews) - Hong Kong's unemployment rate decreased slightly in the August to October period, labor force statistics from the Census and Statistics Department showed on Tuesday.

The seasonally adjusted unemployment rate stood at 3.8 percent in August-October, down from 3.9 in the July to September period.

The data showed that the underemployment rate remained stable at 1.6 percent.

Without adjustment, the unemployment rate dropped to 3.9 percent from 4.1 percent.

The number of unemployed persons was 149,600, compared to 155,600 in the July to September period.

The unemployment rate increased in many major economic sectors, with more distinct increases observed in the retail, accommodation, and food services sector; professional and business services sector; foundation and superstructure sector; and financing sector.

Looking ahead, the solid expansion of the economy, along with the steadfast improvement in business sentiment and the gradual recovery in consumption confidence, should provide support to the labor market, Chris Sun, the secretary for labor and welfare, said.

"However, the employment situations of some sectors would continue to face challenges from economic restructuring."