Hong Kong’s unemployment rate remained steady at 2.9% in the September to November 2023 period, according to the latest labour force statistics from the Census and Statistics Department (C&SD). The same period also saw the number of unemployed individuals decrease by approximately 3,400 to 112,400.

Furthermore, the underemployment rate remained consistent at one per cent, with 36,000 individuals classified as underemployed. Despite a decrease of approximately 4,700 in the total employment to 3.7 million, the labour force also saw a decrease of about 8,100 to 3.82 million in the September to November period.

In the same period, the monthly average of job vacancies dropped to 91,527, a 14.7% decrease year-on-year and a 6.8% decline from the August to October 2023 period. Despite the decrease in job vacancies, Labour Secretary Chris Sun expects the labour market to remain tight in the near term due to the anticipated recovery of inbound tourism and private consumption.

JobDB survey of employers in Hong Kong revealed that 60% found it challenging to recruit talented individuals. However, 30% of employers are planning to expand their full-time workforce next year and are looking to increase average salaries to attract job seekers.