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Hong Kong – Unemployment rate improves to 3.4% in January quarter

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Number of unemployed decreased by around 7,600

The seasonally adjusted unemployment rate in Hong Kong stood at 3.4% in the period from November – January 2022, down from 3.9% during the same period a year ago, according to the latest labour force statistics published by the Census and Statistics Department.

When compared to the previous three-month period ended December 2022, the seasonally adjusted unemployment rate decreased from 3.5% in October to December 2022 to 3.4% in November 2022 to January 2023. The underemployment rate also decreased from 1.5% in October to December 2022 to 1.4% in November 2022 to January 2023.

Comparing November 2022 ­– January 2023 with October – December 2022, the unemployment rate (not seasonally adjusted) decreased across almost all the major economic sectors, with more distinct decreases observed in the construction sector and retail sector.

The number of unemployed persons (not seasonally adjusted) decreased by around 7,600 from 126 000 in October – December 2022 to 118,400 in November 2022 to January 2023. Over the same period, the number of underemployed persons also decreased by around 3,200 from 55,300 to 52,100.

Total employment decreased by around 3,100 from 3,665,300 in October to December 2022 to 3,662,200 in November 2022 to January 2023. Over the same period, the labour force also decreased by around 10,700 from 3,791,300 to 3,780,600.

Mr Chris Sun, Secretary for Labour and Welfare, commented: “The unemployment and underemployment situation continued to improve. With the economic activities gradually returned from the epidemic to normalcy, coupled with a rebound in inbound tourism alongside the full resumption of normal travel between Hong Kong and the Mainland, the labour market conditions in the coming months should be further improved.”