Interviews
Labour market remains robust in Oct-Dec
17 Jan '08
3 min read
Taken together, the total number of unemployed and underemployed persons fell below the 200 000 mark for the first time since February – April 1998. Meanwhile, the seasonally adjusted unemployment rate and the underemployment rate dropped to 3.4% and 2.1% respectively, with the former being the lowest level for over nine and a half years.
For 2007 as a whole, the unemployment rate averaged at 4.0%, down visibly from 5.6% in 2005 and 4.8% in 2006. This was due to a larger expansion in total employment than the labour force, by 2.5% as against 1.7%.
Welcoming the continued fall in the unemployment rate, the Secretary for Labour and Welfare, Mr Matthew Cheung Kin-chung noted that the labour market was upbeat and active in 2007.
“This underlined the strength and growth of our economy.
“However, the Government will continue to do its best to promote employment on all fronts. In particular, it will step up its efforts in helping those who have difficulty adjusting to an increasingly knowledge-based economy through training and retraining. To this end, the Employees Retraining Board is undergoing a strategic review in order to reposition itself and upgrade its services,” he added.
Looking ahead, he indicated that as “business activity is likely to stay buoyant during the run-up to the Lunar New Year, labour demand is expected to be sustained in the near term.”
“But the impact of recent volatilities in the financial sector on the job market has to be monitored,” Mr Cheung said.
Last year, the Labour Department (LD) netted 559 815 vacancies from the private sector, an increase of 16.6% over 2006. This figure was an all-time high.
In December last year, LD set up the first Youth Employment Resource Centre called “Youth Employment Start” (Y.E.S.) in Langham Place, Mongkok. The centre provides one-stop advisory and support services on employment and self-employment to youngsters aged between 15 and 29. The Department is now making preparation for the second Y.E.S. in Kwai Fong.
For 2007 as a whole, the unemployment rate averaged at 4.0%, down visibly from 5.6% in 2005 and 4.8% in 2006. This was due to a larger expansion in total employment than the labour force, by 2.5% as against 1.7%.
Welcoming the continued fall in the unemployment rate, the Secretary for Labour and Welfare, Mr Matthew Cheung Kin-chung noted that the labour market was upbeat and active in 2007.
“This underlined the strength and growth of our economy.
“However, the Government will continue to do its best to promote employment on all fronts. In particular, it will step up its efforts in helping those who have difficulty adjusting to an increasingly knowledge-based economy through training and retraining. To this end, the Employees Retraining Board is undergoing a strategic review in order to reposition itself and upgrade its services,” he added.
Looking ahead, he indicated that as “business activity is likely to stay buoyant during the run-up to the Lunar New Year, labour demand is expected to be sustained in the near term.”
“But the impact of recent volatilities in the financial sector on the job market has to be monitored,” Mr Cheung said.
Last year, the Labour Department (LD) netted 559 815 vacancies from the private sector, an increase of 16.6% over 2006. This figure was an all-time high.
In December last year, LD set up the first Youth Employment Resource Centre called “Youth Employment Start” (Y.E.S.) in Langham Place, Mongkok. The centre provides one-stop advisory and support services on employment and self-employment to youngsters aged between 15 and 29. The Department is now making preparation for the second Y.E.S. in Kwai Fong.
Census and Statistics Department
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