After the Hong Kong job market has its worst performing month of 2020 in April, May brought good news with job postings increasing 19%, indicating the start of a stronger recovery in Hong Kong employment and more positive business sentiment, according to Links International.
Admin & HR roles went from worst to the best performing functions in May. Job postings for the sectors increased 29% from the start of the month, returning to similar levels seen in March 2020. All other functions recorded solid growth with demand for senior financial roles sales, customer service & business development positions being particularly strong.
The unemployment rate increased to 5.2% for the period from February to April (which coincided with the greatest COVID-19 concerns) – a 1% increase from the previous period. In total unemployment numbers reached 202,500 with an additional 40,300 Hong Konger’s losing their jobs.
After the announcement of the National Security Law, Hong Kong’s economic future is potentially sailing into uncharted waters. While the Hong Kong job market remained strong in the first week of June, a number of businesses are waiting for further details on the new legislation to be released to understand whether their business environment will be impacted and confirm whether they continue to headquarter their Asia operations in Hong Kong, also in part, due to the rocky China/US relations in recent times.