Jobless rate slides to 3.3% in October-December

Check out which sectors underperformed.

According to a release, the seasonally adjusted unemployment rate decreased from 3.4% in September-November to 3.3% in October-December, while the underemployment rate increased from 1.4% in September-November to 1.5% in October-December.

Total employment increased by 23,400 to 3,689,600, while the labour force increased by 13,300 to 3,806,600.

The Census & Statistics Department announced the figures, saying decreases in the unemployment rate were mainly observed in the cleaning and similar activities, and the insurance and retail sectors.

For the underemployment rate, increases were mainly seen in transportation, in decoration, repair and maintenance for buildings, and in repair, laundry, domestic services and other personal service activities sectors.

Secretary for Labour & Welfare Matthew Cheung said the recent vibrant business activity and a seasonal rise in labour demand towards the end of the year increased total employment to the new record high of 3,689,600.

"It is noteworthy that youth employment continued to improve. The unemployment rate for youths aged 15-24 went down further by 1.6 percentage points to 7.7%. Within this particular group, the unemployment rate for those aged 15-19 decreased further by 2.2 percentage points to 12.7%, while the unemployment rate for those aged 20-24 went down by 1.4 percentage points to 7%.”

On the short-term outlook, Mr Cheung said: "The prevailing strength of domestic demand and inbound tourism in the run-up to the Lunar New Year will boost labour demand, thereby helping to keep the unemployment rate at a low level. Despite this, uncertainties in the external environment will continue to affect the local economy and hiring sentiment. We will stay vigilant and monitor development closely."