RTTNews - Hong Kong's seasonally adjusted jobless rate stood at 5.3% in the March-May period, unchanged from the February-April period, the Census and Statistics Department said Tuesday. Economists expected the rate to be 5.4%.
On an unadjusted basis, the number of unemployed persons grew to 199,700 from 196,900 in the preceding three-month period. Over the same period, the underemployment rate increased to 2.3% from 2.2%.
Meanwhile, the number of employed persons grew by 12,800 to 3.5 million. At the same time, the labor force increased by 15,700 to reach an all-time high of 3.7 million.
The unemployment rate has remained unchanged for the first time since the upward trend started eight months ago, while total employment has gone up by 12,800 after falling for four consecutive periods. These are both encouraging developments, Matthew Cheung Kin-chung, the Secretary for Labor and Welfare said in a statement.
At the same time, the secretary pointed out that with the economy yet to recover from recession, the unemployment could still face upward pressure in the coming months.
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