UNEMPLOYMENT      HIRING OUTLOOK

Hong Kong - Unemployment rate for Hong Kong has declined to 4.3% between May and July, the lowest figure recorded since January last year.

The unemployment figures released by Hong Kong's Census and Statistics Board yesterday showed a 0.3% dip from 4.6% in the second quarter this year, reported AFP. A total 8,100 jobs were created in the last quarter, boosting employment figures up to 3,500,200. Industries hiring include retail, hotels and manufacturing.

Matthew Cheung, secretary for Hong Kong's Labour and Welfare ministry, said employers were gaining newfound hiring confidence due to the "sustained economic growth". He added that research data has shown that labour market conditions are likely to improve. "[But] the uncertainty stemming from the fragile nature of recovery in the United States and Europe remains a major cause for concern," said Cheung.

Financial Secretary John Tsang said last week at the opening address of a press conference that the unemployment rate will see "further improvements in the months to come". The local government also predicted a higher projected growth from 4-5% to 5-6% in GDP for this year.

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