Employers expecting growth, stability in employment in fourth quarter
Employers across Hong Kong are expecting their headcounts to increase or remain unchanged in the fourth quarter amid strong business confidence.
Respondents from all 10 major sectors surveyed by the Census and Statistics Department (C&SD) are predicting their employment to "increase on balance or remain broadly unchanged in Q4 2023" than the previous quarter.
The accommodation and food services sector emerged as the most confident industry, with 29% of businesses surveyed there saying their employment would go up in the fourth quarter.
This is followed by the real estate sector with 19% of employers confident of an increase. Other sectors showed:
- Manufacturing (16%)
- Retail (16%)
- Construction (12%)
- Financing and insurance (12%)
- Professional and business services (12%)
- Transportation, storage, and courier services (10%)
- Import/export trade and wholesale (4%)
- Information and communications (2%)
"More respondents in the accommodation and food services, real estate, retail, manufacturing, and financing and insurance sectors expect their employment to increase in Q4 2023 over Q3 2023," the government said in a media release.
Majority of overall respondents, however, said they expect employment to remain the same in the coming quarter, according to the survey.
High business confidence
The findings come amid strong outlook from businesses for the fourth quarter.
According to the report, more businesses (17%) are expecting their situation to be better in the fourth quarter, compared to the preceding quarter's 16%.
Only nine per cent of employers are expecting their business situation to be worse, lower than the 10% recorded in the preceding quarter.
The findings show that business sentiments among large enterprises improved slightly than three months ago, with their appetite for hiring remaining positive, according to a government spokesperson.
The representative, however, warned that the "difficult external environment and tight financial conditions" will continue to slow down business sentiment.
The government will continue to "monitor the situation closely," according to the spokesperson. But looking forward, government efforts as well as the continued growth of consumption- and tourism-related activities will provide businesses support.
Hong Kong's unemployment rate stayed at its lowest level in four years, with total employment rate going up in the July to September period, according to the C&SD.