Hong Kong’s job market recovery continued its momentum with a 16% jump in June, driven largely by increased optimistic business sentiment and easing of social distancing measures. The strong rebound had brought the number of available jobs to similar levels seen at the start of the year. In particular, senior HR roles recovered by 30% in June.
This large rebound has brought the number of jobs to only 9% lower than the peak seen at the start of the year, recouping much of the losses experienced in April. Towards the end of June, the number of postings has stabilised.
All functions increased by at least 10% with demand for mid-senior professionals growing. Job postings for sales, customer service & business development function surged 20%, returning to levels last seen in February. Sales manager positions rose by 45% from May, indicating businesses see a strengthening of the market.
The unemployment rate increased by 0.7%, from 5.2% to 5.9% bringing the total unemployment numbers to 230,400. The 0.7% increase seen in the March – May period is lower than the 1% increase in February – April, a positive sign showing unemployment rates are slowing.
The Hong Kong government is continuing its support of businesses with the launch of the FinTech Anti-epidemic Scheme for Talent Development (FAST). Local companies will receive wage subsidies of HK$10,000 per month for a year, per new full-time hire of a Fintech professional. New schemes are likely to have a positive short-term impact on the job market and the positive trajectory looks to continue into Q3.
However, it remains to be seen how the spike in COVID-19 cases experienced by Hong Kong in early July will affect this month's job figures, with success in containing the third wave of the virus the determining factor.