Hong Kong's unemployment rate stays at 3%

Labour market expected to 'stay tight in near long term,' according to labour secretary

Hong Kong's unemployment rate stays at 3%

Hong Kong's unemployment rate remained at three per cent in the months between March and May 2024, according to the latest data released by the Census and Statistics Department (C&SD).

The C&SD said movements in unemployment rate across industry sectors varied, but their magnitudes were "generally not large."

"The seasonally adjusted unemployment rate stayed low at three per cent in March - May 2024, same as February - April 2024," said Labour and Secretary Welfare Chris Sun in a statement.

Source: Hong Kong's Census and Statistics Department

Hong Kong's underemployment also remained low at 1.2%, according to Sun, despite a slight increase of 0.1 percentage point from the previous three-month period.

The increases were reported in the sectors of decoration, repair, and maintenance for buildings; cleaning and similar activities; as well as the arts, entertainment, and recreation sector.

Source: Hong Kong's Census and Statistics Department

Labour force, employment rate

Meanwhile, Hong Kong's labour force data further soared to over 3.8 million between March and May 2024 after a 5,300 increase from the previous three-month period.

The total employment rate also went up by 2,800 to reach nearly 3.7 million between March and May 2024, according to the C&SD.

In terms of job vacancies, there were 77,692 openings in the private sector during the same three-month period, a three per cent increase from the previous months.

These findings come as 37% of employers in Hong Kong are expecting to hire in the third quarter of the year, according to the latest ManpowerGroup study.

Nearly half of them also said they are planning to increase headcount due to AI and machine learning, similar measures also considered by other employers across the world.

"The labour market should stay tight in the near long term alongside the continued economic growth," Sun said.

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