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Employment News: Hong Kong Unemployment statistics for February – April 2010

by on May 19, 2010

The Census and Statistics Department (C&SD) released the latest unemployment data for February – April 2010, which has remained at 4.4% (provisional figure), the same as that from January – March 2010.   A slight bit of good news is that the underemployment rate decreased from 2.2% to 2.1% (provisional figure).  Meanwhile, total employment decreased by approximately 6,300, going from 3,496, 700 in January – March 2010 to 3, 490, 400 (provisional figure) in February – April 2010.  During the same period, the labor force dropped by about 2, 100, going  from 3, 657 ,300 to 3 ,655, 200 (provisional figure).  The number of unemployed persons (not seasonally adjusted) ticked up by about 4 ,200 from 160,600 in January – March 2010 to 164, 800 (provisional figure) in February – April 2010.  During the same period, the number of underemployed persons dropped by 3, 500 from 80,000 to 76,500 (provisional figure).  The number of private sector vacancies posted by the Labour Department dropped 1.5%, going from 65, 972 in March to 58,359 in April.  However, this was still a big increase of about 29.3% when compared with the 45,139 posted during the same period in 2009.  Additionally, the number of new placements jumped up 10.8% when compared to April last year,  as 11,444 openings were filled, as opposed to the 10,331 placements that were made during the  same month in 2009.

The Secretary for Labour and Welfare, Mr Matthew Cheung Kin-chung, suggested that Hong Kong’s overall economic performance and employment outlook continued to look good, saying:

“On the short-term outlook, whether the unemployment rate can continue the downward trend since mid-2009 depends largely on the pace of economic growth, the labour demand and supply balance, and the number of jobs to be created.”

“With the entry of fresh graduates and school leavers into the labour market in the next few months, there will obviously be pressure on the unemployment rate.”

“Besides, there are uncertainties in the external environment, particularly the economic and financial market situation in Europe.  We therefore need to be vigilant and continue to monitor the situation closely.”

Overall, the C&SD numbers are mix of good and bad news, indicating a bit of a hold in economic recovery, but nonetheless giving us optimism about the continuing trend of decreasing unemployment, which began in mid-2009. This downward trend in unemployment seems likely to continue as the Asian economies continue to experience faster growth and Western companies look to ramp up operations in the APAC region.

We can attest to the increasing number of job postings, as we have a wide range of openings for candidates seeking legal jobs in Hong KOng  To search for an engagement that fits your career goals and to get tips on how to maximize your job search efforts, please visit us at Law Alliance.

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