Hong Kong’s unemployment rate falls to 2.8%, a four-year low

Hong Kong Free Press

Hong Kong’s unemployment rate has dropped to 2.8 per cent, a four-year low, and is set to fall further as the economy improves, the labour minister has said.

Employment people population — Hong Kong people on the street. File photo: Kyle Lam/HKFP.

Figures released Thursday by the Census and Statistics Department showed the seasonally adjusted unemployment rate decreased from 2.9 per cent during April-June to 2.8 per cent between May and July.

The rate dropped across most major economic sectors, with the city’s jobless population shrinking from 113,600 in April-June to 111,700 in May-July. Over the same period, total employment rose from 3,688,800 to 3,708,000.

The underemployment rate remained unchanged at 1.1 per cent over the two periods.

“[T]he unemployment rate (not seasonally adjusted) decreased across most major economic sectors, with more distinct decreases observed in the food and beverage service activities sector, transportation sector, information and communications sector and real estate sector,” an English statement from the government read.

The local labour market continued to improve and the improvement is set to continue in the coming months in light of the economic recovery, Secretary for Labour and Welfare Chris Sun said.

Employment recruitment job fair — The Labour Department’s booth at a job fair. File photo: Kyle Lam/HKFP.

The Labour Department between May and July recorded a monthly average of 103,859 vacancies in the private sector, a year-on-year increase of 3.1 per cent. The figure represented a 2.5 per cent increase compared to April-June.

“Job-seekers may make use of the Labour Department’s online platforms, such as the Interactive Employment Service website, for obtaining such vacancy information,” the government said, adding it will organise a job fair on creating a multicultural workplace next week featuring more than 45 employers.

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https://hongkongfp.com/2023/08/17/hong-kongs-unemployment-rate-falls-to-2-8-a-four-year-low/