Hong Kong's seasonally adjusted unemployment rate improved to 2.9% in the period from August to October 2023, from 3.8% 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 was up 0.1% over the three months ended September 2023.

The number of unemployed persons (not seasonally adjusted) increased by 1,800 from 114,000 in July - September 2023 to 115,800 in August - October 2023. Over the same period, the number of underemployed persons decreased by around 1,200, from 37,900 to 36,700.

Comparing August - October 2023 with July - September 2023, movements in the unemployment rate (not seasonally adjusted) in different industry sectors varied. Relatively notable increases were observed in the manufacturing sector and import and export trade sector. The underemployment rate movement in different industry sectors also varied, but the magnitudes were generally not significant.

Meanwhile, total employment decreased by around 6,900 from 3,720,300 in July - September 2023 to 3,713,400 in August - October 2023. Over the same period, the labour force decreased by approximately 5,100 from 3,834,300 to 3,829,200.

Secretary for Labour and Welfare Chris Sun, said, "Inbound tourism and local consumption would continue to underpin economic growth in the near term. The labour market should remain tight in the coming months despite some possible negative effects stemming from the difficult external environment."