Jobless rate at 5.4 % still
Updated: 2009-08-21 07:25
(HK Edition)
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Seasonal unemployment from May to July 2009 is 5.4 percent, remaining the same as the previous quarter from April to June, Secretary for Labour and Welfare Matthew Cheung announced on Tuesday.
The main reason for the high jobless rate is the unemployment situation of the young people aged 15 to 24. The data from April to June shows that unemployment for the 15-19 and 19-24 age groups are 24.4 percent (or 12,000 people) and 10.6 percent (or 31,000 people) respectively.
Despite the economic rebound and continuing stabilization locally, the entire business atmosphere remains cautious, leaving many employers adopting a conservative attitude in recruitment.
In this regard, unemployment will increase, especially when thousands of school leavers enter the job market in August and September. he said.
Last week, Government Economist Helen Chan announced that Hong Kong GDP growth, led by export and domestic consumption, saw a 3.3 percent growth in the second quarter after four consecutive quarters of contraction.
The second quarter economic data suggests that the worst is over and Hong Kong is beginning to see light of economic recovery, she said. The contraction will continue to narrow to zero in the fourth quarter and economic growth is expected in 2010.
Financial Secretary John Tsang said he was glad to see the growth, adding the stimulus measures implemented by the mainland authorities have benefited Hong Kong. He applauded the confidence Hong Kong people displayed during the financial turmoil, which kept local consumption stable.
Tsang further said he was glad that the government strategy to stabilize the financial system, support enterprises and preserve employment has yielded positive results in supporting the economy and helping to slow the rise in unemployment.
"We are seeing encouraging signs of economic recovery and the economy will hopefully improve further in the second half of the year," he said.
(HK Edition 08/21/2009 page4)