Hong Kong's labor market demonstrated stability in recent months, maintaining an unemployment rate of 3% from June to August. This figure aligns with the rates observed in the preceding three months, based on provisional data released by the Census and Statistics Department on Thursday. Furthermore, the underemployment rate also remained steady at 1.2%.
The total employment count reached its peak at approximately 3,708,500, showing a slight decline from 3,708,600 recorded during the May to July period. Despite this minor drop in total employment, the labor force experienced a modest increase, rising by around 4,400 to hit 3.83 million. During this timeframe, the number of unemployed individuals increased by 4,500, bringing the total unemployed population to 122,300 from June to August.
Meanwhile, underemployment figures held firm at 47,500. It is noteworthy that unemployment rates exhibited variability across different sectors within the economy. For instance, the retail sector maintained an unemployment rate of 4.3%, while the accommodation services sector observed an increase of 0.4 percentage points, reaching 3.5%.
Additionally, the food and beverage sector experienced a slight uptick of 0.1 percentage point, now sitting at 5.1%. Conversely, the unemployment rates for both the insurance sector and the import/export trade sector reported a decline. Looking ahead, Chris Sun, Secretary for Labour and Welfare, provided an optimistic outlook, stating that 'the overall labor market should remain tight in the near term, supported by ongoing economic growth, though some sectors may face challenges.' He emphasized that while the general employment landscape appears robust, specific industries might encounter hurdles as they adapt to shifting economic conditions. Moreover, the Labour Department indicated an average of 68,209 monthly private sector vacancies.
This figure reflects a concerning year-on-year drop of 35.2% and a 4.9% decrease from the previous three-month period. The decline in vacancies signals potential challenges in job opportunities amidst the fluctuating employment landscape. Observers will be closely monitoring these trends, particularly as they analyze the implications for various sectors moving forward.
With economic conditions evolving, businesses and labor market stakeholders must remain adaptable to navigate the complexities ahead..