Hong Kong’s seasonally adjusted unemployment rate stood at 2.9% in the period from November 2023 to January 2024, down from 3.4% during the same period a year ago, according to the latest labour force statistics published by the Census and Statistics Department.

The seasonally adjusted unemployment rate remained the same as that in the October to December 2023 period.

The number of unemployed persons (not seasonally adjusted) decreased by around 3,100 from 105,700 in October to December 2023 to 102,600 in November 2023 to January 2024. Over the same period, the number of underemployed persons increased by around 1,800 from 37,000 to 38,800.

When comparing November 2023 to January 2024 with October to December 2023, the unemployment rate (not seasonally adjusted) decreased slightly across most major economic sectors. Movements in the underemployment rate in different industry sectors varied, but the magnitudes were generally not large.

Meanwhile, total employment decreased by around 9,800 from 3,706,800 in October to December 2023 to 3,697,000 in November 2023 to January 2024. Over the same period, the labour force also decreased by approximately 12,800 from 3,812,500 to 3,799,700.

Secretary for Labour and Welfare Chris Sun said, “"With labour demand underpinned by continued economic growth, the labour market is expected to stay tight in the near term."