According to the latest labor force statistics (i.e. provisional figures for June – Aug. 2024) released today (Sept. 19) by the Census and Statistics Department (C&SD), the seasonally adjusted unemployment rate stood at 3.0% in June – Aug. 2024, the same as that in May - July 2024. The underemployment rate also remained unchanged at 1.2% in the two periods.
Comparing June - August 2024 with May - July 2024, movements in the unemployment rate (not seasonally adjusted) and underemployment rate in different industry sectors varied, but the magnitudes were generally not large.
Total employment in June – Aug. 2024 was 3,708,500, about the same as that in May - July 2024 (3,708,600). Over the same period, the labor force increased by around 4,400 from 3,826,400 to 3,830,800.
The number of unemployed persons (not seasonally adjusted) increased by around 4,500 from 117,800 in May - July 2024 to 122,300 in June – Aug. 2024. The number of underemployed persons in June – Aug.2024 was 47,500, the same as that in May - July 2024.
"The overall labor market should remain tight in the near term alongside the continued economic growth, though the employment situation in some sectors may be under pressure as their businesses continue to face challenges," said Chris Sun, the Secretary for Labor and Welfare.
Related News:
Delayed retirement | Li Zhong: Impact of reform on youth employment 'generally mild'
Comment