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Unemployment in Hong Kong remained flat at 3.4% in the three months to February, following strong demand for labour around the end-of-year holidays and the Chinese New Year, the Census and Statistics Department said today.
Analysts from Dow Jones Newswire had expected the seasonally adjusted unemployment rate to remain unchanged in the period. “The buoyant domestic consumption and inbound tourism should continue to fuel labour demand, thus helping to keep the labour market conditions stable,” said Secretary for Labor and Welfare, Matthew Cheung.
Mr Cheng added: “Nevertheless, as business activity generally subsides after the Lunar New Year and the effect of employers' customary annual review on staffing positions has yet to fully emerge, we need to remain vigilant and continue to monitor developments in the labour market closely.”
Joblessness in Hong Kong has been on the decline since reaching a peak of 5.5% between June and August 2009.