The seasonally adjusted unemployment rate in Hong Kong from July to September was 3%

The Zhitong Finance App learned that according to the latest labour force statistics released by the Statistics Department of the Hong Kong Special Administrative Region Government today (that is, provisional figures for July to September 2024), the seasonally adjusted unemployment rate from July to September 2024 is 3.0%, which is the same as the figure for June to August 2024. The underemployment rate remained constant during the two periods, remaining at 1.2%.

Compared with June to August 2024, the unemployment rate (not seasonally adjusted) and underemployment rate in various industries varied from July to September 2024, but the magnitude was generally small.

The total number of employed people rose from 3,708,500 from June to August 2024 to 3710,200 from July to September 2024, an increase of about 1,700. The total working population from July to September 2024 was 3830,100, which is roughly the same as the figure for June to August 2024 (3830800).

The number of unemployed (not seasonally adjusted) fell from 122,300 in June to August 2024 to 11,900 in July to September 2024, a decrease of about 2,400. The number of underemployed people also dropped from 47,500 to 46,000 during the same period, a decrease of about 1,500.

Commenting on the latest unemployment figures, the Secretary for Labour and Welfare, said that the seasonally adjusted unemployment rate from July to September 2024 remained at a low level of 3.0%, the same as June to August 2024. The underemployment rate also remained unchanged at 1.2%. The total number of employed people rose by 1,700 to 3710,200. The working population remained generally stable at 38,30,100 people. The number of unemployed fell by 2,400 to 119.900.

Compared with the previous three-month period, the unemployment rate in various industries varied from July to September 2024, but the change was generally not significant.

Looking ahead, Sun Yuhan said, “As the economy continues to grow, the overall labor market should remain tight in the short term, although employment conditions in various industries may vary depending on their business performance.

The Labour Department recorded an average of 66,271 vacancies per month from July to September 2024, down 34.7% year on year and 2.8% from June to August 2024.