While Unemployment across many major sectors in Honk Kong decreased, the seasonally adjusted unemployment rate stood at 2.8 percent. However, the underemployment rate increased from 0.1 percent to 1.2 percent.
The number of unemployed persons (not seasonally adjusted) in July to September 2018 was 117,800, stable when compared to June to August 2018 (117,400).
"When compared to the preceding three-month period, movements in unemployment rates varied across sectors, but were generally small in magnitude,” said Hong Kong’s Secretary for Labour and Welfare, Law Chi-kwong.
While unemployment rates for accommodation and food services, financing, and information and communications sector dropped, the manufacturing sector experienced a year-on-year increase of 1 percent to 3.8 percent.
As total employment decreased by around 7,800 from 3.88 Mn in the three months to August to 3.87 Mn in September, Chi-kwong shared that the overall labour market conditions will likely remain favourable in the near term. Further, because of the tight labor market employers are also willing to shell out higher salaries for the right employees.
Recently, some reports have reiterated the favourable labor market landscape. For instance, on October 15th, it was reported that new artificial islands could create 3,40,000 jobs in Hong Kong over the next 20-30 years.