The seasonally adjusted unemployment rate has fallen further to 8% in August-October, while underemployment has fallen from 3.6% to 3.5%.
The Census & Statistics Department said falls in unemployment were seen mainly in the retail trade, restaurants and hotels, amusement and recreational services, real estate, import/export trade, decoration and maintenance, and sanitary services.
Underemployment saw falls concentrated in foundation and superstructure construction, transport, sanitary services and manufacturing.
Improved economy bringing new jobs
The total labour force fell by around 7,000 to 3,485,000, however, total employment increased by 8,200 to 3,203,000.
The number of unemployed fell 15,300 to 282,000, while the number of underemployed fell by 6,600 to 120,000.
Acting Financial Secretary Stephen Ip said employment has resumed growth thanks to a rebound in economic activity.
Labour Dept placements hit new high
Mr Ip said the number of placements by the Labour Department hit a new high last month, with 6,739 job seekers finding work - an 8.5% increase over September and a 20.1% rise on the same period last year.
He said the unemployment problem is a structural one, adding that further improvement will hinge on the continued pick-up in economic activity giving rise to additional jobs.
CEPA, individual visit scheme boosting employment
Mr Ip said he remained optimistic about the employment situation, and hoped that the unemployment rate will go down steadily with the implementation of the individual visit scheme and CEPA.
Today's figures also reveal that the total labour supply shrank on account of the reduced labour force participation rate, especially for people aged 15-29.
The number of new vacancies from the private sector registered with the Labour Department continued on an upward trend. The October figure was 22,083, up 1.7% on the previous month and 19% over the same period last year.
New campaign to canvass more jobs
The number of vacancies in the manufacturing and retail industries for October also went up by 11.4% and 6.6% respectively compared to September.
To canvass more vacancies from small and medium enterprises, the department will launch a direct mailing campaign on its employment service later this month targeting companies with five to 49 employees.
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