Hong Kong’s seasonally adjusted unemployment rate rose to 3.4 percent for the three months from February to April, a 0.2 percentage point rise compared to the figures for the January-March period, according to the Census and Statistics Department.

The underemployment rate also rose from 1.1 percent to 1.3 percent during the same period, data issued by the department showed on Tuesday.

Total employment fell by around 15,600 to 3,677,100, while the labor force also dropped by around 9,000 to 3,806,500.

Meanwhile, the number of unemployed people increased by around 6,600 to 129,400, while the number of underemployed people rose by around 4,900 to 47,600.

ALSO READ: Hong Kong's unemployment rate edges up to 3.2%

“Various industries in Hong Kong are undergoing a transitional period, and the trends of their unemployment rates may go upward or downward,” Secretary for Labour and Welfare Chris Sun Yuk-han said while commenting about the employment situation.

Although Hong Kong has experienced some recent shop closures, there have also been openings of many new shops, suggesting the emergence of new demand and new consumption trends.

As at end-2024, the number of companies registered in Hong Kong has reached a record high of 1.46 million, he added.  

“The recent successful organization of a series of mega events in Hong Kong, coupled with the concerted efforts of the government in tandem with different industries including tourism, catering, hospitality and retail, has led to a significant increase in the number of inbound visitors, which will bring about more opportunities to the labor market."

READ MORE: HK culture chief: Mega-event strategy delivers economic boost

He outlined that the recent easing of trade tensions, continued growth in the economy and the special administrative region government’s various measures to boost momentum will provide support to the labor market.