Hong Kong’s seasonally adjusted unemployment rate stood at 3.0% in the period from January - March 2024, down slightly from 3.1% during the same period a year ago, according to the latest labour force statistics published by the Census and Statistics Department.

Compared to the previous three-month period, the seasonally adjusted unemployment rate increased from 2.9% in the period of December 2023 to February 2024 to 3.0% in January to March 2024.

Comparing the period of January to March 2024 with December 2023 to February 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 (excluding cleaning and similar activities) sector. As to the underemployment rate, an increase was mainly seen in the retail sector.

The number of unemployed persons (not seasonally adjusted) increased by around 9,400 from 102,300 in December 2023 to February 2024 to 111,700 in January to March 2024. Over the same period, the number of underemployed persons also increased by around 2,400 from 37,600 to 40,000.

Meanwhile, total employment decreased by around 6,300 from 3,694,700 in December 2023 tp February 2024 to 3,688,400 in January to March 2024. Over the same period, the labour force increased by around 3,100 from 3,797,000 to 3,800,100.

Secretary for Labour and Welfare Chris Sun, said, “As the economy continues to grow, the labour market will likely remain tight in the near term.”