Total employment, labour force data rebound in September to November
Hong Kong's seasonally adjusted unemployment rate remained at 3.1% in the September to November period, according to the latest data from the Census and Statistics Department (C&SD).
The latest labour force statistics on the financial hub also revealed that the underemployment rate stayed at 1.1% during the three-month period.
"The seasonally adjusted unemployment rate stayed low at 3.1% in September - November 2024, same as August - October 2024. The underemployment rate also remained unchanged at 1.1%," said Labour Secretary Chris Sun in a statement.
Source: Census and Statistics Department
The number of unemployed people (not seasonally adjusted) in Hong Kong went down by around 1,000 from 120,700 in August to October 2024 to 119,700 in September to November 2024.
The number of underemployed individuals also decreased by around 600, according to the data.
The C&SD said the movements in the unemployment and underemployment rates in different industry sectors varied, but the magnitude was "generally not large."
The notable increases in unemployment rates were reported in the following sectors:
On the other hand, decreases in unemployment rates were recorded in the following sectors:
Meanwhile, Hong Kong's total employment rebounded by around 4,700 to reach 3,711,800 in the September to November period. At the same time, the labour force also went up by around 3,600 to 3,831,500.
"The labour market should remain largely stable in the near term, though the situation in some sectors might be more affected by increased uncertainties in the global economy and escalation in trade tension," Sun said.
The findings come as hiring sentiment across Hong Kong weakens as it enters the new year.
Findings from the ManpowerGroup Employment Outlook Survey revealed that only 34% of employers in the financial hub are expecting an increase in hiring for the first quarter of 2025.
On the other hand, 28% are anticipating a decrease in headcount, while 35% are not expecting a change at all.
