The Hong Kong Census and Statistics Department released the latest temporary figures on labor force, employment, and unemployment statistics on the 20th. The seasonally adjusted unemployment rate for the period of February to April remained at 3.0%, unchanged from the previous three months (January to March), and the same as a year ago. The latest figure for unemployed persons stands at 113,700, compared to 111,700 the previous month.
The underemployment rate was reported at 1.1%, remaining unchanged from the previous month, while a year ago it was 1.2%. The latest labor force in Hong Kong is reported to be 3.808 million, with an increase of 7,700 persons monthly and 37,500 annually. The employed population is 3.694 million, indicating a monthly increase of 5,700 persons and an annual increase of 38,200 persons. The labor force participation rate is at 57.1%, with male and female participation rates recorded at 62.8% and 52.6%, respectively.
Regarding youth unemployment, the rates for the age groups 15 to 19 and 20 to 29 were reported at 7.4% (down from 8.1% last month) and 5.9% (down from 6.2% last month), respectively.
In terms of major industries, the construction industry employed 352,000 people with an unemployment rate of 4.2%, an increase of 0.1 percentage point from the previous month. The import and export trade industry employed 286,000 people with an unemployment rate of 3.4%, up by 0.1 percentage point from the previous month. The retail, accommodation, and food services industry employed 522,000 people with an unemployment rate of 4.1%, up by 0.3 percentage points from the previous month. Additionally, the combined employment in finance, insurance, real estate, professional, and business services amounted to 842,000 people with an unemployment rate of 2.8%, a 0.1 percentage point increase from the previous month.
Looking ahead, the Secretary for Labour and Welfare, Law Yee Han, stated, “The ongoing economic growth is expected to keep the labor market tight in the short term.”
From February to April, the Labor Department recorded an average of 75,425 job vacancies from private enterprises per month, reflecting a 29.2% decrease annually and a 2.7% decrease compared to January to March. The Labor Department will host the “Job Fair for New Opportunities” on May 30th and 31st at the Wanchai Newlyweds’ Hall, where around 60 employers will participate, offering numerous job vacancies. Job seekers can also visit the Labor Department’s online platform, such as the Interactive Employment Service website, to access more vacancy information.