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Unemployment in Hong Kong dropped surprisingly last month, official statistics showed on Tuesday. The seasonally adjusted unemployment rate decreased from 3.5% in April to 3.4% at the end of May.
At the same time total employment increased by around 17,200 from April to 3,735,500 in May. The Census and Statistics Department said that labour demand stayed firm as the overall labour force increased in the period, which resulted in a “broadly stable” unemployment situation.
The Secretary for Labour and Welfare, Matthew Cheung Kin-chung, said: “The labour supply will continue to be boosted by the entry of fresh graduates and school leavers, and by some job seekers induced by the recent increase in the statutory minimum wage rate.
“However, the resilience of domestic demand should to some extent cushion the pressure on unemployment rate stemming from the increasing labour supply. We will continue to closely monitor the potential impact of external uncertainties on the local economy and labour market. The Labour Department will also keep up its efforts in providing comprehensive employment service to job seekers.”