Hong Kong’s unemployment rate rose to 3.4 per cent and hit its highest point in more than two years, with the construction and financing sectors notably impacted, a trend experts expect to persist through to the end of the year.
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Preliminary data from the Census and Statistics Department, released on Tuesday, showed that the unemployment rate for the February to April period increased by 0.2 percentage points from the January to March figures.
It marked the highest rate recorded since November 2022 to January 2023, when the unemployment rate also stood at 3.4 per cent.
The rate increased across most major economic sectors during the latest three-month rolling period, with notable rises in construction, accommodation services, food and drink service activities, and financing, according to the government’s announcement.
Secretary for Labour and Welfare Chris Sun Yuk-han noted that the city’s various industries were in a period of transition, which could lead to mixed trends in their unemployment rates.
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“However, the recent easing of trade tensions, the continued growth of the mainland economy, the government’s various measures to boost economic momentum and the continuous positive growth of the overall economy will provide support to the labour market,” Sun said.