Hong Kong’s jobless rate holds steady at 3.8% as economy, consumption improves

Hong Kong’s unemployment rate held steady at 3.8 per cent over the past three months, with authorities expecting that stronger economic growth and stable local consumption will continue to support the labour market.

Preliminary data released by the Census and Statistics Department on Tuesday showed that movements in the unemployment rate in different industry sectors varied for the October to December period, but the magnitudes were generally small.

The underemployment rate rose slightly by 0.1 percentage point compared with the preceding September to November period, mainly in the transportation and information and communications sectors.

But the city’s jobless rate still stood at the second-highest point since the period between July and September 2022, when it was 4 per cent.

Secretary for Labour and Welfare Chris Sun Yuk-han said the labour market was expected to remain stable, bolstered by sustained economic growth and a recovery in local consumption sentiment.

“Nonetheless, the employment situation in some sectors may continue to be affected by their challenging business conditions,” he said.