HK unemployment rate slightly increases to 3.1%, with over 120,000 people out of work
According to the latest labour force statistics (i.e. provisional figures for August - October 2024) released today (November 18) by the Census and Statistics Department (C&SD), the seasonally adjusted unemployment rate increased from 3.0% in July - September 2024 to 3.1% in August - October 2024. The underemployment rate decreased from 1.2% in July - September 2024 to 1.1% in August - October 2024.
Comparing August - October 2024 with July - September 2024, the unemployment rate (not seasonally adjusted) increased across most major economic sectors, with more distinct increases observed in the cleaning and similar activities sector; arts, entertainment and recreation sector; and transportation sector.
As to the underemployment rate, decreases were mainly seen in the construction sector; and warehousing and support activities for the transportation sector.
Total employment decreased by around 3,100 from 3,710,200 in July - September 2024 to 3,707,100 in August - October 2024. Over the same period, the labour force also decreased by around 2,200 from 3,830,100 to 3,827,900.
The number of unemployed persons (not seasonally adjusted) increased by around 800 from 119,900 in July - September 2024 to 120,700 in August - October 2024. Over the same period, the number of underemployed persons decreased by around 3,700 from 46,000 to 42,300.
Commenting on the latest unemployment figures, the Secretary for Labour and Welfare, Mr. Chris Sun contended that, among the different sectors, more notable increases in the unemployment rates were seen in the cleaning and similar activities sector; the arts, entertainment and recreation sector; and the transportation sector. On the other hand, the unemployment rates of the retail sector and the food and beverage service activities sector eased back slightly. The unemployment rate of the construction sector stayed unchanged.
Looking ahead, Sun said, "The labour market should remain tight in the near term alongside the continued economic growth, though the employment situation may continue to vary across sectors depending on their business performances."
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