China News Service, Hong Kong, February 20 (Reporter Wei Huadu) The Census and Statistics Department of the Hong Kong SAR Government announced on the 20th that Hong Kong’s seasonally adjusted unemployment rate from November 2023 to January 2024 was 2.9%, which was the same as the previous period ( October to December 2023). The underemployment rate remained at 1% during both periods.
During the period, the unemployment rate in various industries remained at a low level, with the unemployment rate in most major industries declining slightly or remaining unchanged; the underemployment rate in various industries changed differently, but the magnitude was generally not significant.
Data show that from November 2023 to January 2024, the total number of employed people in Hong Kong decreased to 3.697 million, a decrease of approximately 9,800 people; the total working population decreased to 3.7997 million, a decrease of approximately 12,800 people. The number of unemployed people decreased to 102,600, a decrease of about 3,100 people; the number of underemployed people rose to 38,800, an increase of about 1,800 people.
Wen Jiawei, chief economist and strategist of Dah Sing Financial Group, said that Hong Kong's unemployment rate is expected to remain slightly below 3% in the first quarter of 2024. The rebound in the number of tourists and the holding of large-scale events may increase the manpower demand in the catering and retail industries in the short term, and the unemployment rate in related industries is expected to remain at a low level. As applications for various talent entry programs are gradually approved, it is expected that the labor shortage in some industries will continue to be alleviated.
Sun Yuk-han, Secretary for Labor and Welfare of the SAR government, said: "With labor demand supported by continued economic growth, the labor market is expected to remain tight in the short term." (End)