The Hong Kong Census and Statistics Department (C&SD) has reported that the seasonally adjusted official unemployment rate in the territory for the third quarter remained unchanged at 3%. This figure matches that of the preceding quarter, indicating stability in the labor market amidst ongoing economic fluctuations. Total employment within Hong Kong's special administrative district saw a slight increase, reaching 3.71 million in the third quarter, up from the second quarter.
The city’s labor force consistently held steady at 3.83 million, reflecting ongoing dynamics in employment and economic participation. In terms of employment challenges, there were 119,000 individuals classified as unemployed and an additional 46,000 underemployed persons in the third quarter—both figures demonstrating minimal change from the previous quarter, according to the data compiled by the C&SD. Chris Sun, Hong Kong's Secretary for Labour and Welfare, conveyed in a prepared statement that the labor situation in the city remained tight as of the third quarter of 2023.
“The overall labor market should remain tight in the near term alongside sustained economic growth, although employment conditions may fluctuate across various sectors based on their specific business performances,” he stated. Despite the steady unemployment rate, the landscape faced challenges.
The Labor Department noted a monthly average of 66,271 vacancies recorded from the private sector in the third quarter, a significant year-on-year decline of 34.7%, as reported by C&SD. The Hong Kong private sector has demonstrated some temperance in recent months, as highlighted by S&P Global in their early October report.
The headline seasonally adjusted S&P Global Hong Kong purchasing managers index stood at 50.0 in September, a slight rise from 49.4 in August. “With the index at the neutral mark of 50.0, this latest reading signifies that business conditions remained unchanged in September after experiencing a downturn for four consecutive months,” stated S&P Global’s report.
Investors and analysts will continue to monitor these indicators closely to assess the potential impact of local and global economic conditions on Hong Kong's employment landscape moving forward..