Hong Kong has maintained its unemployment rate at a resilient 3% for the May to July period, according to the report released by the Census and Statistics Department. This consistent rate, unchanged from the previous April to June period, reflects a stable job market amid various economic challenges. In practical terms, this unemployment figure equates to approximately 114,700 individuals who are currently unemployed within the latest three-month evaluation.
Additionally, the underemployment rate during this period has also held steady at 1.2%, indicating a level of employment security for many workers. During the May to July timeframe, a rise in total employment has been observed, with an increase of around 5,300 positions, bringing the total number of employed individuals to roughly 3.7 million.
The size of the labor force has similarly grown, escalating by approximately 8,400 to reach 3.8 million. However, not everything seems optimally positive in Hong Kong's job market. Data reveals a monthly average of 71,709 job openings in the private sector, which indicates a slight downturn of 1.1% compared to the previous quarter.
This nuanced decline raises questions about the stability of employment within certain sectors. Labor and Welfare Secretary Chris Sun noted, "The employment situation of the consumption-related sectors might be under some pressure, due to the challenges from the changing consumption patterns of residents and visitors." He added, "Nonetheless, the overall labor market should remain tight in the near term as continued economic growth renders support to labor demand." In terms of economic performance, Hong Kong's gross domestic product has shown positive growth, recording a year-over-year increase of 3.3% in real terms for the second quarter.
This performance outpaces the 2.8% growth rate documented in the first quarter, as outlined by preliminary estimates released by C&SD. The government expects that while the economy is positioned for further expansion in the latter half of 2024, certain sectors will continue to face unpredictability, as highlighted by a government spokesman..