Unemployment rate stands pat at 3.4%

Find out which sectors outperformed.

According to a release, the seasonally adjusted unemployment rate stood at 3.4% in September-November, the same as that in August-October, while the underemployment rate slipped from 1.5% in August-October to 1.4% in September-November.

Total employment increased by around 1,300 to 3,666,200 in September-November, while the labour force fell by around 2,600 to 3,793,300.

The Census & Statistics Department announced the figures, saying increases in the unemployment rate were mainly observed in the financing and insurance, and import and export trade sectors, while decreases were mainly observed in the wholesale and retail sectors.

For the underemployment rate, decreases were mainly seen in cleaning and similar activities, and warehousing and support activities for transportation sectors.

Secretary for Labour & Welfare Matthew Cheung said due to a pick-up in labour demand approaching the year-end, total employment grew modestly by around 1,300 to 3,666,200 in September-November, and the number of jobless people fell by around 3,900 to 127,100.

Decreases in the jobless rate for people aged 15-24 and those with post-secondary sub-degree education were noteworthy, he added.

"Since fresh graduates and school leavers were absorbed into employment at a favourable pace, the unemployment rate for youths aged 20-24 decreased visibly by 1.9 percentage points to 8.4% while the unemployment rate for those aged 15-19 went down slightly to 14.9%,” he added.

On the short-term outlook, Mr Cheung said, “Despite the subdued economic growth, the usually more buoyant business activities in the run-up to Christmas and New Year should boost labour demand, thereby keeping the unemployment situation stable for the time being. Nonetheless, uncertainties in the external environment, such as the evolving Eurozone debt crisis and US fiscal cliff, will continue to affect our economic prospects. We will continue to stay alert and monitor development closely.”