Unemployment rate fell to 5%, beating expectations 198,000 people were unemployed and the consumption industry improved significantly

As the epidemic eased, the unemployment rate dropped further. The government announced today (18th) that the latest unemployment rate fell by another 0.5 percentage point to 5%, but 198,000 people are still out of work.

The underemployment rate also dropped from 2.5% in the previous period to 2.4%.

The underemployment rate fell to 2.4%

According to the latest labor force statistics released by the Census and Statistics Department today, the seasonally adjusted unemployment rate fell from 5.5% from April to June to 5% from May to July.

The underemployment rate also dropped from 2.5% in the previous period to 2.4%.

The number of unemployed (not seasonally adjusted) decreased by 14,700 to 198,400.

(Profile picture)

The unemployment and underemployment rates of most major economic industries have fallen. In terms of unemployment, the construction industry and retail, accommodation and catering services, as well as the arts, entertainment and recreational activities have relatively marked declines.

In terms of underemployment rate, the decline was mainly seen in the transportation industry.

Significant decline in the consumer tourism industry, catering service activities fell 1.4 percentage points

Analyzed by industry, the unemployment rate of most economic sectors fell from May to July 2021 compared with the previous three-month period.

Among them, the unemployment rate in consumer and tourism-related industries, namely retail, accommodation and catering services, fell by 0.9 percentage points to 7.6%. Among them, the unemployment rate in catering services activities fell by 1.4 percentage points to 8.6%.

At the same time, the unemployment rate of the construction industry and the arts, entertainment and recreational activities industry also recorded a significant drop.

Law Chi Kwong, Secretary for Labour and Welfare.

(Profile picture)

Uncertainty in the labor market outlook Luo Zhiguang calls for vaccinations

The Secretary for Labour and Welfare, Law Chi-kwong, said that with the economic recovery and the help of the consumer voucher scheme, the labor market should continue to improve.

However, Luo Zhiguang emphasized that the economy and labor market are still facing uncertain prospects, mainly due to the spread of more contagious variant viruses in multiple places around the world. Therefore, all sectors of society must work together to achieve more extensive vaccination for sustained economic recovery. And the labor market further improves to lay a solid foundation.

▼The economy is hit hard by the epidemic, and job fairs of the Labour Department are flooding ▼

+7

Unemployment rate｜Survey: Consumer vouchers drive the number of unemployed to plummet

▼The economy is hit hard by the epidemic, and job fairs are crowded▼

+7

▼Hong Kong government's new strategy for "Grain Needle": Benefits of already vaccinated vs. Restriction of not vaccinated ▼

+6

Chen Maobo raises his economic forecast for the whole year and expects to announce the unemployment rate further down consumer coupons this week | The effect of boosting private consumption growth shows that Chen Maobo expects the unemployment rate to fall further. Unemployment rate of 5% | Luo Zhiguang's overall employment situation is improving. Youth unemployment rate has been better than the expected ideal unemployment rate. Couples in the catering industry are underemployed and can't afford to rely on assistance: grassroots survival cannot be achieved

01News