HK's Jobless Rate Falls to 4.3 pct

Hong Kong's unemployment rate fell to 4.3 percent in the May to July period, from 4.6 percent in April-June, and recorded the lowest figure since the November 2008 to January 2009 quarter, the local authority announced on Tuesday.

The underemployment rate was 2 percent in the same period.

Matthew Cheung, Secretary for Labor and Welfare of Hong Kong Special Administrative Region government said the employment situation still hinges on overall economic growth and the pace of job creation.

"The uncertainty stemming from the fragile nature of recovery in the United States and Europe remains a major cause for concern. We will continue to be vigilant and monitor developments closely."

Decreases in the unemployment rate were mainly seen in the retail, hotels, information and communications, arts, entertainment and recreation, as well as manufacturing sectors.

Drops in the underemployment rate were mainly seen in the foundation and superstructure, and repair, laundry, domestic and other personal-service activities sectors, offsetting increases in the arts, entertainment and recreation, and wholesale sectors.

"In light of the latest feedback from business surveys and job- vacancy data, more new jobs are likely to be created in the next few months, providing favorable conditions for the labor market to improve further," Cheung added.