Most of Hong Kong's major economic sectors see rise in unemployment rate in Q1 2024

閱讀中文版本

The more distinct increases were observed in the foundation and superstructure sector; retail, accommodation and food services sector; and professional and business services (excl. cleaning and similar activities).

Compared with December 2023 - February 2024, Hong Kong’s unemployment rate, underemployment rate, number of unemployed persons, as well as number of underemployed persons, all recorded an increase in January - March 2024, according to the latest labour force statistics released by the Census and Statistics Department (C&SD).

The statistics showed that the seasonally adjusted unemployment rate and the underemployment rate both slightly increased 0.1% in January - March 2024.

The unemployment rate (not seasonally adjusted) increased across almost all the major economic sectors, with more distinct increases observed in the foundation and superstructure sector; retail, accommodation and food services sector; and professional and business services (excl. cleaning and similar activities) sector. As for the underemployment rate, an increase was mainly seen in the retail sector.

Calculating by the number of persons, total employment decreased by around 6,300 in January - March 2024, while the labour force increased by around 3,100 over the same period.

Meanwhile, the number of unemployed persons (not seasonally adjusted) increased by around 9,400, and the number of underemployed persons also increased by around 2,400.

Detailed numbers are as follows:

	December 2023 - February 2024	January - March 2024
Labour force	3,797,000	3,800,100
Total employment	3,694,700	3,688,400
Unemployment rate (seasonally adjusted)	2.9%	3.0%
Underemployment rate	1.0%	1.1%
Unemployed persons (not seasonally adjusted)	102,300	111,700
Underemployed persons	37,600	40,000

---

Commenting on the latest unemployment figures, Chris Sun, Secretary for Labour and Welfare, said the unemployment rates of most sectors increased compared with the preceding three-month period, but stayed low in general. As the economy continues to grow, he said the labour market will likely remain tight in the near term.

---

ALSO READ: Healthcare is the third highest concern in Hong Kong, just after inflation & the economy and unemployment

Lead image/ 123rf.com