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Hong Kong’s unemployment rate stays at 4-year low

Hong Kong maintains a low unemployment rate at 2.8% for July-September 2023, according to the Census and Statistics Department.

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Unemployment rate for July-September 2023 remains at a low
Hong Kong introduced a novel labour importation initiative

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Underemployed individuals decreased by about 1,000

Hong Kong’s jobless rate has maintained a four-year low, with the Census and Statistics Department (C&SD) reporting a steady unemployment rate of 2.8% for the July-September period.

Labour and Welfare Secretary Chris Sun stated, “The seasonally adjusted unemployment rate for July-September 2023 remains at a low 2.8%, consistent with the previous June-August 2023 level. The underemployment rate has also remained unchanged, staying at one per cent.”

C&SD data reveals that the unemployment and underemployment rates exhibited varying trends across sectors during the mentioned periods. However, the fluctuations were generally modest. The number of jobless individuals increased by approximately 1,900, reaching 114,000 for the July-September 2023 period.

In contrast, the number of underemployed individuals decreased by about 1,000, falling to 37,900.

These statistics underline that Hong Kong has sustained its four-year low in unemployment over the past three months. This low point was initially reached in the May-July period, following notable declines in sectors related to consumption and tourism. Additionally, there were reported decreases in unemployment rates for the transportation sector, the information and communications sector, and the real estate sector.

Furthermore, Hong Kong recently introduced a novel labour importation initiative, aiming to attract 20,000 foreign workers to bolster the construction and transportation sectors.

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