Labour Secretary expects overall labour market to 'remain tight in near term'
Hong Kong's unemployment rate remained at three per cent in the July to September period, according to the latest data from the Census and Statistics Department (C&SD).
The latest data marks the seventh consecutive three-month period where the seasonally adjusted unemployment rate was unchanged, which began in the January to March period.
Overall, the number of unemployed persons in Hong Kong (not seasonally adjusted) went down by around 2,400 from 122,300 in June to August 2024 to 119,900 in July to September 2024.
According to the Labour Department, movements in the unemployment rate in different industry sectors varied, but the magnitudes were generally not large.
Source: Census and Statistics Department
The underemployment rate also remained unchanged at 1.2% compared with the previous three-month period, according to the C&SD.
Total employment went up to 3,710,200 in July to September 2024, up by around 1,700 from the previous three-month period.
The labour force also remained largely steady at 3,830,100, similar to the 3,830,800 recorded in the previous period.
"The overall labour market should remain tight in the near term alongside the sustained economic growth, though the employment situation may vary across sectors depending on their business performances," said Labour and Welfare Secretary Chris Sun in a statement.
Monthly vacancies in Hong Kong
Meanwhile, the average monthly vacancies from the private sector hit 66,271 in the July to September period.
This is a decrease of 2.8% from the average figure in June to August 2024, and a 34.7% drop from the previous year.
The findings come as 41% of employers in Hong Kong expect to increase their hiring activity in the fourth quarter of 2024, according to the latest ManpowerGroup survey.
Only 16% of employers are anticipating a decrease in hiring, while 39% are not expecting any changes.
