The number of people out of work in Hong Kong dropped during the quarter from December 2010 to February 2011, according to official figures.

A 0.2 point fall was recorded by the Census and Statistics Department in the proportion of people without paid positions from 3.8 per cent to 3.6 per cent.

This may be good news for those seeking finance jobs in China, as the underemployment rate has also declined during the period in question compared with the November to January period by 0.1 percentage points to 1.7 per cent.

Joblessness in Hong Kong now stands at its lowest rate since the April to June 2008 quarter, before the global financial crisis hit.

However, secretary for labor and welfare Matthew Cheung Kin-chung noted a fall in business activity and demand for workers after the lunar new year celebrations had caused employment to contract by 6,600 over the three months to February.

The number of people in jobs in Hong Kong stood at 3.5755 million, with individuals out of work dropping by 123,300.

Hong Kong is a special administrative region of China and is a hub for international finance, business and trade.

Posted by Kate Griffin