The seasonally adjusted unemployment rate in Hong Kong declined further from 8.0 percent in August -- October 2003 to 7.5 percent in September -- November 2003, the lowest since March this year.
The underemployment rate also edged down, from 3.5 percent to 3.4 percent, according to the latest labor force statistics released by the Census and Statistics Department Thursday.
Talking about the latest figures, Hong Kong's Financial Secretary Henry Tang noted the decline in the unemployment rate is "a very significant drop."
"Although the figures are very encouraging, I do like to repeat that the employment situation is full of challenges because of the structural adjustment of our economy and I believe the adjustment period is still ongoing and we all have to work harder together in order to improve the figures further," he added.
The drop in the unemployment, according to him, is attributable to a combination of several factors, including an increased confidence that the future economy is going to be reasonably well. Jobs, therefore, are being created in order to cater for an increased demand.
Comparing September -- November 2003 with August -- October 2003, decreases in the unemployment rate (not seasonally adjusted)were more notable in the wholesale/retail trades, construction, restaurants, import/export trades, and amusement and recreational services sectors. As to the underemployment rate, decreases were concentrated in the construction and transport sectors.
Total labor force decreased slightly by around 2,600, from 3,484,600 in August -- October 2003 to 3,482,000 (provisional) in September -- November 2003.
On the other hand, total employment rose by around 14,400 from 3,202,600 to 3,217,000 (provisional) between the two periods.
(Xinhua News Agency December 19, 2003)
