Hong Kong Jobless Rate Rises To 3.7%

(RTTNews) - Hong Kong's unemployment rate increased in the May-July period, labor force statistics from the Census and Statistics Department showed on Tuesday.

The seasonally adjusted unemployment rate stood at 3.7 percent in May-July, up from 3.5 percent in the April-June period.

The data showed that the underemployment rate remained steady at 1.4 percent.

On an unadjusted basis, the unemployment rate also rose to 3.8 percent from 3.6 percent.

The number of unemployed individuals was 145,800, compared to 136,200 in the April-June period.

The unadjusted unemployment rate increased in many major economic sectors, with more distinct increases observed in the foundation and superstructure sector, food and beverage service activities sector, retail sector, and real estate sector.

Data showed that total employment increased by 14,000 to 3.67 million, and the labor force increased by around 22,700 to 3.81 million.

"The sustained growth of the Hong Kong economy should be able to drive job creation, creating more employment opportunities for fresh graduates and school leavers joining the labor force," Chris Sun, the secretary for labor and welfare, said.

"While unemployment rates across various industries will continue to hinge on their respective business conditions, the government's various measures to promote economic growth, bolster consumption sentiment, and attract investment are anticipated to support the overall labor demand."