Jobless rate held steady at 3.3%

Underemployment rate also unchanged.

In a report, the Census & Statistics Department announced that the seasonally adjusted unemployment rate stood at 3.3% in August-October, the same as that in July-September.

The underemployment rate also remained unchanged at 1.5% in the two periods.

Increases in the unemployment rate, not seasonally adjusted, were mainly observed in the postal and courier activities, and manufacturing sectors, while decreases were mainly seen in the insurance, and buildings decoration, repair and maintenance sectors.

Increases in the underemployment rate were mainly observed in the buildings decoration, repair and maintenance, and arts, entertainment and recreation sectors, while decreases were mainly seen in the construction sector's foundation and superstructure works, and the manufacturing sector.

Total employment fell by about 2,300 to 3,747,800 in August-October. The labour force also shrunk by about 6,400 to 3,877,900.

The number of unemployed people, not seasonally adjusted, fell by about 4,100 to 130,100. The number of underemployed was 56,800, about the same as the 57,000 in July-September.

Secretary for Labour & Welfare Matthew Cheung said the labour market remained stable on the back of resilient domestic demand. The labour demand can be expected to stay strong in the run-up to the festive season, boding well for labour market conditions in the near term.

"Nevertheless, the unsteady pace of recovery in the major advanced economies, as well as the uncertainties stemming from the US monetary policy and fiscal issues, continue to overshadow the global economic conditions," he cautioned.