Unemployment rate hits record-low at 3.1%

Underemployment also hit 16-year low.

According to a release, the seasonally-adjusted unemployment rate dipped to 3.1% in the three months from November to January, the lowest since the December 1997 to February 1998 period.

The Census & Statistics Department said the underemployment rate also dropped to 1.3%, marking a 16-year low, while total employment hit a record high and the number of unemployed people declined for the fifth consecutive month.

Secretary for Labour & Welfare Matthew Cheung said the unemployment rate will remain low as the economy expands, despite employers’ annual staff arrangement reviews following the Lunar New Year.