Hong Kong Jobless Rate Unchanged

Hong Kong's unemployment rate held steady in the three months ended January, in line with expectations, preliminary figures from the Census and Statistics Department showed Thursday. The seasonally adjusted jobless rate came in at 2.9 percent in the three months ended January, the same rate as in the October to December period. 

At the same time, the underemployment rate decreased from 1.1 percent in October - December 2017 to 1.0 percent in November 2017 - January 2018. On an unadjusted basis, the number of unemployed people totaled 106,600 in November to January, down from 109,800 in October to December. At the same time, employment increased by around 11,500 over the period to 3.86 million in the three months to January. "In view of the sanguine economic situation on entering 2018, the labor market is expected to remain tight in the near term," the Secretary for Labour and Welfare, Dr Law Chi-kwong, said. "Yet the employment outlook for the rest of the year will continue to hinge on how various external uncertainties evolve and we will stay vigilant and monitor the situation closely." 

Hong Kong's consumer price inflation held steady at the start of the year, figures from the Census and Statistics Department showed Thursday. The consumer price index climbed 1.7 percent year-over-year in January, the same rate of increase as in December. 

Meanwhile, economists had expected the inflation to accelerate slightly to 1.8 percent. The measure has been rising since March last year. The underlying inflation, which excludes one-off relief measures of the government, also remained stable at 1.7 percent. Utility costs surged 10.2 percent annually in January and prices of clothing and footwear grew by 2.6 percent. 

Meanwhile, prices of durable goods dropped 1.6 percent. "Looking ahead, inflation pressure may increase slightly in the rest of the year amid a stronger global economy and continued expansion of the local economy," a government spokesman said. "For February, the year-on-year increased in the CPIs are likely to see a temporary pick-up due to the distortions caused by the difference in timing of the Lunar New Year."