Job market remains stable for fifth straight month
Hong Kong's job market remained steady, with the latest government data showing the unemployment rate at three percent between May and July. The figure has been unchanged since March. But a government spokesperson warned the labour market could be under pressure in the short term, as changing spending habits of locals and visitors would dent consumption-related industries. While the jobless rate remained consistent, around 3,100 people still lost their jobs in July, joining more than 114,000 others.  At the same time, the labour force expanded by 8,400 to roughly 3.83 million. Weak domestic demand continued to weigh on consumption-related industries. The jobless rate for the retail sector worsened by 0.4 percent to 4.3 percent, while food and beverage industry hit five percent after going up three-tenths of a percentage point. But other sectors improved, notably trade and wholesale, accommodation services, transportation, insurance sector and real estate. The market "should remain tight in the near term", according to labour and welfare minister Chris Sun. Statistics from the Labour Department suggest job hunters have much less choice. There were around 71,700 private-sector vacancies in July, a 31 percent decline from a year ago.