Hong Kong's seasonally adjusted unemployment rate improved to 2.9% in the period from August to October 2023, from 3.7% 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 stable from the previous quarter.

Comparing September - November 2023 with August - October 2023, movements in the unemployment rate (not seasonally adjusted) and underemployment rate in different industry sectors varied, but the magnitudes were generally not large.

The number of unemployed persons (not seasonally adjusted) decreased by around 3,400 from 115,800 in August to October 2023 to 112 400 in September to November 2023. The number of underemployed persons in September to November 2023 was 36,600, about the same as that in August to October 2023 (36,700).

Total employment decreased by around 4,700 from 3,713,400 in August - October 2023 to 3,708,700 in September to November 2023. Over the same period, the labour force also decreased by around 8,100 from 3,829,200 to 3,821,100.

Looking ahead, Secretary for Labour and Welfare, Chris Sun, said, "The labour market should remain tight in the near term. Though the still unfavourable external environment might have some negative effects, the expected further recovery of inbound tourism and private consumption would continue to underpin labour demand."