Jobless rate unchanged at 3.1%

The underemployment rates of the manufacturing and financing sectors declined.

Hong Kong’s unemployment rate stood at 3.1% for the October - December 2024 period, unchanged from September - November 2024, according to data from the Census & Statistics Department (C&SD).

Total employment rose to 3.718 million, from 3.711 million previously.

The unemployment rates of many sectors declined in the last three months of 2024, according to Chris Sun, Secretary for Labour and Welfare in Hong Kong.

Notable decreases were recorded in the unemployment rates of the manufacturing sector; the financing sector; the social work activities sector; and the arts, entertainment and recreation sector, according to Sun.

The number of jobless persons declined to about 119,700 during the three-month period, around 6,100 lower than the period in September - November 2024.

At the same time, the number of underemployed persons rose to 43,500.

The underemployment rate remained unchanged at 1.1%, C&SD said.

Sun expects the labour market to remain “largely stable” in the near term.

However, he warned that the employment situation in some sectors might be “more affected by increased uncertainties in the global environment.”