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| HK Employment Hits Record High |
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Hong Kong's total employment rose to a record high of over 3.47 million in the June-August period, while the jobless rate fell to 4.8 percent, the lowest in five years, the Census and Statistics Department said Tuesday. Total employment grew by 21,400 to an all-time high of 3.474 million, while the labor force rose by 23,800 to a new high of 3. 663 million. The underemployment rate fell from 2.6 percent in May-July period to 2.4 percent in June-August period. Jobless rate falls were mainly observed in the foundation and superstructure construction, business services, and welfare and community services sectors. As for the underemployment rate, falls were found in the construction (especially decoration and maintenance), sanitary services and manufacturing sectors. The total labor force grew at a faster pace as fresh graduates and school leavers entered the labor market, leading to a seasonal rise in the number of jobless, from 186,600 in May-July to 189,000 in June-August. The number of underemployed fell by 4,400 to 89, 000. Despite the accelerated increase in labor supply during the summer, newcomers have found jobs at a satisfactory pace. The job market remained buoyant as the Labor Department received 49,477 vacancies in August, up 6.1 percent over the same month last year. This represented an average of more than 2,100 jobs each working day. For the first eight months of this year, the figure stood at 327,794, up 19.8 percent on the same period last year. The department achieved 79,754 placements in the first eight months of this year, up 12.5 percent over a year earlier. (Xinhua News Agency September 20, 2006) |
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