Hong Kong unemployment rate drops to 5.5%
Hong Kong’s job market is showing signs of improvement as the city’s latest unemployment rate falls to 5.5% for the three-month period ending in June. According to the latest labor force statistics from the Census and Statistics Department (C&SD), the April-June figure was down 0.5 percentage points from the March-May period. The latest figure is the lowest since the start of the pandemic last year. From March to May 2020, the unemployment rate reached 5.9%.
The number of unemployed fell by about 20,200, from 233,300 in March to May 2021 to 213,100 in April to June 2021. Total employment increased by about 9,700, from 3,630,400 in March to May 2021 to 3,640,100 in April to June 2021. During the same period, the labor force decreased by approximately 10,600, from 3,863,700 to 3,853,100.
According to the C&SD, the unemployment rate has fallen in almost all sectors, with sharper declines observed in the construction sector; import or export trade and wholesale sector; retail, accommodation and food services sector; and the arts, entertainment and recreation sector. At the same time, the underemployment rate also fell, from 2.8% in March to May 2021 to 2.5% in April to June 2021. During the same period, the number of underemployed people also increased. decreased by about 11,400, from 107,400 to 96,000.
Law Chi-kwong, Secretary of Labor and Social Protection, said: “The labor market improved further as the economy continued to recover as the pandemic stabilized and the economy improved. external environment. The labor market is expected to improve further as the economic recovery continues. The voucher program will also help. “
He added that the Employee Retraining Board (ERB) launched the “Love Upgrading Special Scheme” in October 2019 to provide interns affected by the economic downturn with training and a stipend. ERB has since completed three tranches of the program and provided 40,000 training slots. The fourth tranche of the program was launched in July 2021 for six months until the end of this year, benefiting 20,000 additional trainees.
Meanwhile, from April to June 2021, the Ministry of Labor recorded a monthly average of 82,377 vacancies in the private sector, an increase of 0.6% from the March-May 2021 average and a increase of 50.6% year-on-year.
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