Employment growth continued in the October-December period with the jobless rate falling to 4.9 percent from 5.1 percent in September-November, the Census and Statistics Department of Hong Kong special administrative region government said on Tuesday.
The underemployment rate also dropped from 2.5 percent to 2.3 percent.
Decreases in the unemployment rate were mainly observed in the import-export trade, foundation and superstructure, financing and accommodation services sectors. For the underemployment rate, drops were mainly seen in the construction and cleaning sectors.
Secretary for Labor and Welfare Matthew Cheung said the unemployment situation of most age groups has improved. Decreases were more noticeable in the 15-19 and 20-24 age groups, falling by 1.5 percentage points to 20.1 percent and one percentage point to 10.5 percent.
The overall unemployment rate of the construction sector has dropped for eight consecutive months, and it is expected employment in the construction sector will further improve with the commencement of major infrastructure projects such as the Hong Kong-Zhuhai-Macau Bridge and the Guangzhou-Shenzhen-Hong Kong Express Rail, said Cheung.
Cheung said increased business activity ahead of the Lunar New Year will help boost labor demand, easing the pressure on unemployment in the near term.
"A solid recovery of the labor market in the longer-term would hinge on the pace of job creation in the corporate sector. Despite the continued decline of the unemployment rate in recent months, the economic outlook is still subject to uncertainties. We shall remain vigilant and continue to monitor closely the labor market situation," he added.
