Hong Kong maintains unemployment at 3% and underemployment at 1.1%

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20th May 2024 – (Hong Kong) The Census and Statistics Department (C&SD) of Hong Kong today released the provisional labour force statistics for February to April 2024, indicating a stable economic backdrop with the seasonally adjusted unemployment rate maintaining at 3.0%, unchanged from the previous three months. The underemployment rate also remained constant at 1.1%.

During the period from February to April 2024, the labour force saw a slight increase, adding approximately 7,700 individuals to reach a total of 3,807,800. Concurrently, total employment rose modestly by 5,700 to 3,694,100. Despite these positive indicators, the number of unemployed persons edged up by around 2,000, reaching 113,700.

Sector-specific data showed minimal fluctuations in unemployment and underemployment rates across different industries, with most sectors maintaining low unemployment levels. This stability suggests a resilient job market, albeit with minor variances across different sectors.

Chris Sun, Secretary for Labour and Welfare, commented on the figures, noting, “The labour market remains tight, reflecting continued economic stability and growth. We are observing sustained low unemployment rates and a steady increase in labour force participation.”

Looking forward, Mr. Sun expressed optimism about the near-term economic outlook, anticipating that ongoing growth would further tighten the labour market. He also highlighted the decrease in private sector job vacancies, which fell by 29.2% year-on-year, and by 2.7% compared to the January to March 2024 period, totalling an average of 75,425 monthly vacancies.

In response to the job market conditions, the Labour Department (LD) will host the “Embracing New Opportunities Job Fair” at the end of May, aiming to connect job seekers with potential employers. Approximately 60 employers will participate, offering a variety of positions to prospective employees.