HK01: Unemployment rises to 3.7% — highest since November 2022, with catering and retail posting clear increases
The Census and Statistics Department released the latest labour force statistics for May–July today (19th): the seasonally adjusted unemployment rate stands at 3.7%, up 0.2 percentage points from the previous period and the highest since November 2022. The number of unemployed rose from 136,200 in April–June to 145,000 — an increase of about 8,800 — while underemployment rose by about 2,600 over the same period.
The department noted that compared with April–June, unemployment rose across many major economic sectors in May–July, with clearer increases in foundation and superstructure works, food and beverage service activities, retail, and real estate.
Secretary for Labour and Welfare Chris Sun said that although the latest unemployment rate edged up from the previous three-month period, total employment also increased over the same period — a positive development — and part of the rise in unemployment reflects fresh graduates and school leavers entering the labour market.
Looking ahead, Sun said Hong Kong's continued economic growth should drive job creation and open up more opportunities for graduates and school leavers entering the workforce. While each industry's unemployment rate will still depend on its business environment, the government's measures to spur growth, lift consumption sentiment and attract investment are expected to support overall labour demand.
Original article: https://www.hk01.com/article/60268090?utm_source=01articlecopy&utm_medium=referral