Hong Kong unemployment rate down to 3.2%

Yet underemployment rate climbed to 1.5% during November-January period.

The unemployment rate fell from 3.3% in October-December to 3.2% in November-January, the Census & Statistics Department announced.

The underemployment rate increased from 1.4% in October-December to 1.5% in November-January.

Secretary for Labour & Welfare Matthew Cheung said labour demand continued to increase due to vibrant business activity in the run-up to the Lunar New Year. Total employment rose by about 15,900 to a record high of 3,634,800 in the workforce in November-January. The number of unemployed fell to 111,800, the lowest level since early 2008.

On a seasonally adjusted basis, the unemployment rate fell 0.1 percentage point to 3.2%, signifying a state of full employment.

"It is noteworthy that employment of younger persons continued to improve," Mr Cheung said.

He noted the jobless rate for those aged 15-24 went down 0.4 percentage point to 7.5%. Within this group, the unemployment rate for those aged 15-19 fell to 10%, while the unemployment rate for those aged 20-24 dropped to 7.1%.

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