Hong Kong Jobless Rate Holds Steady For Fourth Month

(RTTNews) - Hong Kong's unemployment rate remained unchanged for a fourth consecutive month in July, preliminary data from the Census and Statistics Department showed Thursday.

The seasonally adjusted unemployment rate was 3.4 percent, where it has been since March. Economists had forecast a higher figure of 3.5 percent.

The unadjusted unemployment rate was also unchanged at 3.5 percent.

On an unadjusted basis, unemployment increased mainly in the warehousing and support activities for transportation sector, while it declined in the construction sector.

The number of unemployed rose by 2,700 persons to 138,800 in July.

"The near-term employment outlook is still clouded by the lingering external headwinds and their potential repercussions on local business sentiment," the Labor Secretary Matthew Cheung said.

"The easing trend in labor demand across a number of sectors remains a cause for concern."