Unemployment rate stagnates at 3.1%

Improvement seen in underemployment.

According to Barclays, Hong Kong’s unemployment rate remained unchanged at 3.1% for the period of December 2013 to February 2014 while the underemployment rate fell from 1.3% to 1.2% over the same period, the lowest level since September-November 1997.

Total employment decreased by 32,900 to 3,731,900 over the period while the total labour force also dropped by 33,400 to 3,844,300.

Here’s more from Barclays:

Commenting on the latest employment figures, the Secretary for Labour and Welfare said, “The labour market remained tight. Total employment decreased, as activities returned to a more normal level after the Lunar New Year.”

“Looking ahead, the unemployment rate is expected to remain low in the near term on the back of steady growth in domestic demand,” he added.