HONG KONG – The appetite of Hong Kong’s large enterprises for hiring remains steady even though large corporations’ overall business sentiment for the fourth quarter is soft, according to a survey.

The Census and Statistics Department on Friday released its Quarterly Business Tendency Survey for the fourth quarter, for which 550 prominent establishments in various business sectors in Hong Kong were interviewed between Sept 3 and Oct 15 in an effort to determine the short-term future economic performance of the local economy.

According to the survey, more respondents in the transportation, storage and courier services sectors said they expect their need to hire to increase, as compared to those who expect it to decrease.

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However, more respondents in the retail, manufacturing and construction sectors said they expect their business situation to worsen in the fourth quarter, compared to the third quarter.

Out of all surveyed sectors, 13 percent of respondents said they expect their business situation to improve in the fourth quarter over the third quarter, compared to 16 percent who said they expect it to worsen.

“Looking forward, the gradually easing financial conditions, as well as the central government’s latest policy measures for supporting the mainland and Hong Kong economy should bode well for business sentiment,” a Hong Kong Special Administrative Region government spokesman said in a statement on Friday.

The spokesman added that global economic uncertainties and trade conflicts may have a negative impact.

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According to the S&P Global Hong Kong SAR Purchasing Managers Index released in October, business conditions within Hong Kong’s private sector stabilized in September. With new orders decreasing at a slower pace, business activities and employment levels also contracted only marginally, while stocks of purchases grew.

The index also showed that in September, purchasing activity increased amid supply delays, while the selling price inflation was highest in the first nine months of this year.

The PMI reading in September corresponds with better gross domestic product (GDP) growth performance in Hong Kong in the third quarter, S&P Global Market Intelligence said.

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The business information intelligence firm said that demand conditions need to improve to spur better expectations for business activities in the months ahead.