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Economic Recovery Filtering Through in Labor Market
Donald Tsang, financial secretary of the Hong Kong Special Administrative Region (HKSAR), said Friday that HKSAR's labor market conditions improved distinctly as economic growth accelerated in the first quarter of 2000.
He also highlighted an on-going manpower study being conducted by HKSAR's government for the purpose of mapping out a manpower training strategy.
Speaking after chairing the 21st meeting of the Task Force on Employment, Tsang said that the economy put up a spectacular performance in the first quarter with the GDP growing at over 14 per cent, which was the fastest growth rate recorded in the past ten years.
"With the surge in economic activities, more new jobs came on stream. The unemployment rate dropped visibly in the month of May to 5.1 per cent from 5.5 per cent in the previous month," said Tsang.
Total employment rose further by four per cent in the first quarter of 2000 over the same period last year. Job creation was particularly visible in wholesale, retail and import/export trades, restaurants and hotels, as well as in community, social and personal services.
The number of job-seekers who have successfully found a job through the Labor Department was also at record high level. 5,400 job-seekers were placed in May, representing a 56 per cent increase over the same period last year.
Tsang said: "I am happy to note that the economic recovery is now increasingly felt in the labor market. Total employment has steadily risen sixth months in a row."
He pointed that the robust growth in economic activities would continue to generate more demand for labor, and would further improve the unemployment rate.
The government has embarked on a major drive to solicit support from employer associations, chambers of commerce, individual companies including Small and Medium Enterprises to canvass on-the- job training vacancies.
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