Hong Kong's unemployment rate jumped 3.4% in January

Check out the losing sectors.

The Census and Statistics Department released today the latest unemployment and underemployment statistics for November 2012 - January 2013. It reports that the seasonally adjusted unemployment rate increased from 3.3% in October - December 2012 to 3.4% in November 2012 - January 2013. 

The underemployment rate also increased from 1.5% in October - December 2012 to 1.6% in November 2012 - January 2013.

Comparing November 2012 - January 2013 with October - December 2012, increases in the unemployment rate (not seasonally adjusted) were mainly observed in the postal and courier activities sector, wholesale sector, and foundation and superstructure works of the construction sector.

As to the underemployment rate, increases were mainly seen in the construction and manufacturing sectors.

Commenting on the latest unemployment figures, the Secretary for Labour and Welfare, Mr Matthew Cheung Kin-chung, said, "Total employment expanded notably by around 16 400 to another record high of 3 706 000 in November 2012 - January 2013, partly reflecting a seasonal upsurge in labour demand during the recent festive period.

On a seasonally adjusted basis, the unemployment rate edged up by 0.1 percentage point to 3.4%."

"It is noteworthy that youth employment has continued to improve. The unemployment rate for youths aged 15-24 went down by 0.8 percentage point to 6.9% during the same period. 

Within this particular group, the unemployment rate for those aged 15-19 decreased by 1.4 percentage points to 11.3%, while the unemployment rate for those aged 20-24 went down by 0.8 percentage point to 6.2%", he added.