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HK's Unemployment Rate Falls to 5.1 Percent
Hong Kong's seasonally adjusted unemployment rate in March-May period 2000 fell to 5.1 percent, 0. 4 percent lower than that in the February- April period 2000, according to the latest labor force statistics released Monday by the Census and Statistics Department.
The statistics also showed that the underemployment rate rose 0. 2 in the March-May period 2000.
The Government Economist K Y Tang noted that the unemployment rate showed a visible decline in the March-May period from the February-April period 2000, and a continued strengthening in labor demand in line with the economic recovery, coupled with a moderation in labor force growth, had contributed to the decline.
Yet there was a rise in the underemployment rate, mostly in construction, Tang cautioned, adding that nevertheless for the construction sector, this was accompanied by a fall in its unemployment rate.
Secretary for Education and Manpower Joseph W P Wong said that in line with the overall recovery in the economy, the labor market had shown appreciable improvement.
"In May, the number of job-seekers who have successfully found a job through the Labor Department set an all-time record high of 5,400 representing a 56 percent increase over the same month last year," Wong said.
In the same month, the Labor Department secured over 14,000 job vacancies.
"The number of job vacancies secured in May represents a significant increase of 32 percent over the figure last year. Increases were generally recorded across the board in most industry and occupational groups," Wong added.
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