Unemployment rate in Hong Kong climbs to 5.0%

Special Report:Global Financial Crisis

HONG KONG, March 17 (Chinese media) -- Unemployment rate in Hong Kong for the

three months starting from December climbed to 5 percent, from 4.6 percent for

the three months starting from November, the Hong Kong Special Administrative

Region (HKSAR) government said Tuesday.

Matthew Cheung, Secretary for Labor and Welfare, said he expected the

unemployment rate to rise even further as the tough times were not yet over in

the labor market.

The latest figure for the unemployment rate, which typically lags behind

the trend in economic performance, was the highest in Hong Kong in 34 months.

The Census and Statistics Department said the underemployment rate held

stable at 2.1 percent for the periods respectively ended Jan. 31 and Feb. 28.

Sectors such as construction, transport, import and export trades,

manufacturing and restaurants, were among the hardest hit.

Total employment declined by around 17,500 from 3,53 million to3.51

million, while the labor force decreased by around 3,200 from3.69 million to

3.68 million.

The number of the unemployed increased by around 14,200 from 157,700 to

171,900.

The labor market had been much affected by the economic slowdown and the

HKSAR government will do its best to help those affected by the downturn,

including funds earmarked for helping those who are trying to find jobs, Cheung

said.