Jobless rate inches down to 3.4%
This is down from 3.5%.
The unemployment rate declined by 3.4% between November and January, down from 3.5% between October and December, the Census Statistics Department (C&SD) reported.
The underemployment rate likewise decreased to 1.4% over the same period, from 1.5%.
"The unemployment and underemployment situation continued to improve. The seasonally adjusted unemployment rate declined by 0.1 percentage point from October - December 2022 to 3.4% in November 2022 - January 2023,” Secretary for Labour and Welfare, Chris Sun said.
“The underemployment rate also declined by 0.1 percentage point to 1.4%. The number of unemployed persons decreased by 7,600 to 118,400, and that of the underemployed persons by 3,200 to 52,100."
The C&SD noted the unemployment rate decreased across all key sectors, particularly in the construction sector and retail sectors; whilst underemployment was largely pronounced in the decoration, repair and maintenance for building sector, retail sector and transportation sector.
Total employment decreased by around 3,100 from 3.665 million in October - December 2022 to 3.662 million in November 2022 - January 2023. Over the same period, the labour force also decreased by around 10,700 from 3.79 million to 3.78 million.
The number of unemployed persons (not seasonally adjusted) decreased by around 7,600 from 126,000 in October - December 2022 to 118,400 in November 2022 - January 2023. Over the same period, the number of underemployed persons also decreased by around 3,200 from 55,300 to 52,100.