Hong Kong's seasonally adjusted unemployment rate held steady at 3.1 percent in the November 2024 to January 2025 period versus the prior three-month period, according to official data released on Tuesday.

The unemployment rate was steady to the October-December, September-November and August-October periods, and was slightly up from 3 percent in the July-September period, the Census and Statistics Department said in a statement.

The department said the number of unemployed persons decreased by around 3,500 during the three-month period, bringing the total number to 110,100. The number of underemployed persons was 43,000, about the same as the 43,500 recorded in October-December.

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Total employment decreased by around 2,300 to 3,716,600 while the city’s labor force also decreased by around 5,700 to 3,826,700, it added.

Secretary for Labour and Welfare Chris Sun Yuk-han said that, compared with the preceding three-month period, the unemployment rates of various sectors showed diverse movements in November-January but the changes were not large in general.

"The labor market should remain largely stable in the near term, though uncertainties in the global economy would continue to pose challenges to some businesses," Sun said. 

With Reuters inputs