Hong Kong: The seasonally adjusted unemployment rate from September to November is 3.1%

On December 17, according to the latest labor force statistics released by the Hong Kong government's Census and Statistics Department (i.e. the provisional figures for September to November 2024), the seasonally adjusted unemployment rate for September to November 2024 was 3.1%, the same as the figure for August to October 2024. The underemployment rate also remained unchanged during these two periods, staying at 1.1%. Comparing September to November 2024 with August to October 2024, the unemployment rates (not seasonally adjusted) and underemployment rates in various industries changed to varying degrees, but the changes were generally small. The total employment increased from 3,707,100 people in August to October 2024 to 3,711,800 people in September to November 2024, an increase of about 4,700 people. During the same period, the total labor force also increased from 3,827,900 to 3,831,500, an increase of about 3,600 people. The number of unemployed persons (not seasonally adjusted) decreased from 120,700 in August to October 2024 to 119,700 in September to November 2024, a decrease of about 1,000 people. The number of underemployed persons also decreased from 42,300 to 41,700 during the same period, a decrease of about 600 people. When commenting on the latest unemployment figures, Secretary for Labour and Welfare of Hong Kong, Law Susan Yuen, said, "The seasonally adjusted unemployment rate for September to November 2024 remained at a low level of 3.1%, the same as August to October 2024. The underemployment rate also stayed unchanged at 1.1%. The labor force and total employment rebounded, increasing by 3,600 people and 4,700 people respectively, to 3,831,500 and 3,711,800 people. The number of unemployed persons decreased by 1,000 people to 119,700." The unemployment rates in various industries in September to November 2024 compared to the previous three months varied. The unemployment rates for construction, repair and maintenance of buildings, insurance, and postal and courier activities showed significant increases. Warehousing and support activities for transportation and arts, entertainment, and recreation activities showed significant decreases. Looking ahead, Law Susan Yuen said, "The labor market is expected to remain stable in the short term, although some industries may be affected by uncertain global economic factors and escalating trade tensions."