In the latest release from Hong Kong’s Census and Statistics Department, the “Quarterly Report on General Household Survey” for the third quarter of 2024 offers a comprehensive glimpse into the evolving dynamics of the local labour market amidst ongoing global economic shifts. The report, vital for policymakers and business leaders alike, delves into a broad range of labour force statistics including employment, unemployment, and underemployment rates, alongside detailed demographic analyses.
As the global economy contends with fluctuating markets and geopolitical tensions, Hong Kong’s labour market exhibits resilience and subtle shifts in its structural composition. The third quarter of 2024 saw the total labour force marginally increase to 3,830.1 thousand from 3,818.0 thousand in the second quarter, suggesting a steady if cautious growth in the number of individuals either employed or actively seeking employment.
The gender composition of the labour force remains a focal point, with female participation slightly increasing, a reflection perhaps of the broader societal shifts towards gender parity in professional spheres. Female labour force participation held steady at around 52.5%, a small but notable increase when viewed against the backdrop of historical data. Meanwhile, male participation saw a slight decline, indicative of the complex interplay of economic, social, and perhaps educational factors influencing workforce engagement.
Unemployment rates in Hong Kong have shown remarkable stability, a testament to the region’s robust economic management and its agile response to international economic pressures. The seasonally adjusted unemployment rate remained constant at 3.0%, aligning with previous quarters and reinforcing Hong Kong’s position as a resilient economic fortress in a tumultuous financial landscape.
A deeper dive into the employment data reveals a nuanced picture. The number of employed persons slightly decreased from 3,703.3 thousand in Q2 to 3,710.2 thousand in Q3, with median hours of work increasing, particularly noted in the increase from 42 to 44 hours weekly. This increment in working hours might be indicative of intensified work demands or a shift in employment types, possibly towards more full-time roles in certain sectors.
Earnings data further highlight the economic stratification between genders. While median monthly earnings for males saw fluctuations, the figures for females remained consistently lower, underscoring the persistent wage gap that warrants ongoing attention from both policymakers and private sector leaders.
Underemployment, often a shadow metric that provides insight into economic undercurrents, saw a slight increase from 44.5 thousand to 46.0 thousand. This subtle rise is reflective of the challenges still faced by certain sectors, possibly those more susceptible to global economic pressures or internal market dynamics.
The data on domestic households reveal stable trends in household sizes and income, with the median monthly household income maintaining a steady baseline. This stability in household income levels, despite the global economic climate, suggests effective economic safeguards and policies that cushion the broader populace from potential financial volatility. – Dimsumdaily Hong Kong
