Private sector employment dips 0.4% YoY in March

This has pushed job vacancies to 53,700.

Employment in the private sector dipped by 0.4% or 10,200 persons in March, data from the Census and Statistics Department (C&SD) showed.

Decreases in employment were mostly seen in the following industries: manufacturing (-6.7% or -5,400 persons); arts, entertainment, recreation, and other services (-5.5% or -6 400 persons); construction sites (manual workers only) (-4.3% or -4,400 persons); information and communications (-1.9% or -2 100 persons); and retail trade (-1.9% or -4,700 persons). 

On the other hand, industries of real estate (4.9% or 6,700 persons), wholesale (4.1% or 2,100 persons), and cleaning and similar services (3.1% or 2,500 persons) had the biggest employment increases.

READ MORE: Talent crunch threatens Hong Kong’s financial sector as expats flee

In terms of the total number employed, import and export trade led amongst industries, engaging 385,600 persons, followed by professional and business services (excluding cleaning and similar services) with 302,600, retail trade with 245,200, financing and insurance with 236,000, education with 205,200 persons, and food and beverage services with 204,700.

The decline in overall employment has also pushed up vacancies by 36% YoY to 53,700. Of the total vacancies, 6,010 were from the industry of professional and business services (excluding cleaning and similar services), 5,980 from education, 5,510 from financing and insurance, 5,050 from human health services, and 4,650 from residential care and social work services.

READ MORE: Vouchers to spur private consumption growth, improve employment: FS Chan