Introduction

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Term Paper Title	Introduction
# of Words	4705
# of Pages (250 words per page double spaced)	18.82

Introduction
The unemployment rate became a hot topic in the past few months when it rose to
3.5 per cent, a recent high for almost 10 years. The jobless rate was higher than the 3.2 per
cent unemployment rate recorded in the May to July period. The underemployment rate in
the June to August period rose to 2.5 per cent from 2.3 per cent in the May to July period.
Until recently, most workers who lost their jobs were from the manufacturing sector. They
were middle-aged factory workers with few skills and little education. But in recent months
a large number of employees have been laid off in the retail and restaurant businesses.
Unemployment has spilled over to the service sector from manufacturing sector. Hong
Kong is facing a prolonged economic downturn.
The high unemployment rate has raised many social and economic problems. For
example, the number of people who commit suicide is increased. It is because more people
had lost their jobs for a long time. It is a serious threat to the lives of the poor. The
unemployed people may also feel that it is unmeaningful to live. As a result, they will
commit suicide to solve the problem. Moreover, the high unemployment rate results in the
increase of the rate of crime. There was an unemployed man who stole rice because he was
too hungry and he did not have money to even buy food! We can know how serious the
unemployment rate is.
By the way, higher unemployment rate causes lower purchasing power of people. A
lot of kinds of business are affected. Many people lose confidence in economics of Hong
Kong. They do not believe unemployment will be improved. Some say that the Government
should provide immediate assistance for the jobless. Some also say unemployment is due to
the attraction of cheap labor across the border. The Government can no longer play the role
of a bystander.
All of these above show the influence of the unemployment. In spite of how many
people who have talked about the topic of unemployment, everyone will be concerned
about this topic. The following sections will analyze this hot topic.
Reasons for unemployment in Hong Kong
1. Faster growth in total labor supply relative to that of total employment
In 1993 and 1994, the increase in Hong Kong labor force is 2.9% and 3.5%
respectively. At the end of 1993, the total labour supply is 2 970 000. Change in the total
labour supply is determined by the population growth, total employment and the emigration
condition. If the popula...

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