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Hong Kong Unemployment Rate Remains at 4.6%

by on July 22, 2010

Earlier this week, the Census and Statistics Department (C&SD) released their unemployment data for April – June 2010,.  According to these labour force statistics, the seasonally adjusted unemployment rate stood at 4.6% (provisional figure), remaining at the same level as in the period from March – May 2010.  The underemployment rate also remained unchanged at 2.0% (provisional figure for April – June 2010).  We’ll consider this a wash and continue to encourage job hunters to remain optimistic about the recent up trend in legal recruiting.

According to the full release:

“Comparing April – June 2010 with March – May 2010, decreases in the unemployment rate (not seasonally adjusted) were mainly observed in the construction, social work activities, and financing sectors, while increases were more apparent in the postal and courier activities, manufacturing, and education sectors.  As to the underemployment rate, decreases were mainly seen in the transportation and wholesale sectors, offsetting increases in the professional and business services, and warehousing and support activities for transportation sectors.

Total employment increased by around 8 800 from 3 483 300 in March – May 2010 to 3 492 100 (provisional figure) in April – June 2010.  Over the same period, the labour force increased by around 8 300 from 3 655 700 to 3 664 000 (provisional figure).

The number of unemployed persons (not seasonally adjusted) decreased by around 600 from 172 400 in March – May 2010 to 171 800 (provisional figure) in April – June 2010.  Over the same period, the number of underemployed persons decreased by around 1 000 from 74 700 to 73 700 (provisional figure).

The Secretary for Labour and Welfare, Mr Matthew Cheung Kin-chung, noted that total employment over the period increased by 8 800.  ‘This was the first time since December 2009 – February 2010 that total employment had increased, reflecting that companies have become active in recruitment and that the new jobs created were able to absorb the concurrent increase in labour supply,’ he said.

Mr Cheung said, ‘Hong Kong’s overall economic performance remains positive.  Whilst companies adopted a more cautious approach in hiring when the Eurozone debt crisis surfaced in April and May, with the external environment stabilising recently, they are now in a better recruiting mood.’

‘Besides, the Eurozone debt crisis and its contagion may still pose uncertainties and challenges to the local labour market.  We will remain vigilant and continue to monitor the labour market situation closely,’ he added.”

Please read the full release here.

Overall, the C&SD numbers are mixed bag of of good and not so good news, but we share the optimism of many observers and we think we’ll see a continuing trend of decreasing unemployment. We can attest to a rise in recruitment efforts by law firms, as evidenced by the increasing number of job postings, which include 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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