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Staying employed

General unemployment rate remains stable at 2 per cent between March and May

The unemployment rate was up 0.1 percentage points year-on-year in the March-May period, according to data from the Statistics and Census Service, the first time since 2012 that the unemployment rate has hit 2 per cent during the three-month period after dips to 1.8 per cent in 2013 and 2015 and 1.7 per cent in 2014.
Although the rate is the same as experienced since the 0.1 percentage point uptick of the November 2016 – January 2017 period, the unemployment rate of local residents actually fell 0.1 percentage point period-to-period, reaching 2.6 per cent.
The underemployment rate in the territory was down by 0.1 percentage points also, reaching 0.4 per cent, according to DSEC.
The overall labour force participation rate was high, at 71.1 per cent, unchanged from the previous period, while that of women saw a slight uptick of 0.3 percentage points and men fell by 0.3 percentage points, period-to-period. Overall, the male labour force participation rate was 76.1 per cent, while that of females was 66.8 per cent.
Total employment was 381,800, of a total of 389,400, both undergoing rises of 0.1 per cent period-to-period.
Those employed in the construction industry saw the largest drop in employment period-to-period, with a 4.5 per cent drop, to 34,900, while those in restaurants and similar activities also suffered a drop of 4.3 per cent, to 22,600.
Employment in the gaming and junket activity sector rose to 81,900, a 1.1 per cent increase, like hotels and similar activities, which saw a 1.7 per cent uptick, to 31,900.
Those employed in wholesale and retail reached 46,500, a 0.1 per cent increase period-to-period.
By industry, recreational, cultural, gaming and other services made up 24.5 per cent of the city’s total employment, with hotels, restaurants and similar activities occupying 14.3 per cent.
Public administration and social security made up just 7.3 per cent, while real estate and business activities were 8.1 per cent. Construction lagged the wholesale and retail trade at 9.1 per cent as compared to 12.2 per cent.
Domestic work made up 7.1 per cent of total employment by industry in the March-May period of this year.