Unemployment rate drops to 3.3%
There were 115,700 unemployed from December 2022 to February 2023.
Hong Kong’s jobless rate for December 2022 to February 2023 period was 3.3%, falling 0.1 percentage points from November 2022 to January 2023 period.
Based on the data from the Census & Statistics Department (C&SD), the total number of unemployed people between December 2022 and February 2023 was 115,700, a drop of around 2,700 from the preceding three-month period.
The number of underemployed individuals likewise dropped by 4,200 to 47,900 translating to a rate of 1.3%.
The decreases in the unemployment and underemployment rates were seen across consumption- and tourism-related sectors, particularly in the transportation, and the arts, entertainment and recreation segments.
Despite the decrease in the number of unemployed and underemployed, employment and labour force still fell by 12,000 to 3,650,200, and by 14,600 to 3,766,000, respectively.
Secretary for Labour & Welfare Law Chi-kwong said the “labour market conditions should improve further in the near term alongside the continued return of economic activities to normalcy and the rebound in inbound tourism.”
How ESG is measured in valuations and how enhanced green technology helps companies with purpose