Hong Kong Job Market Improves, But Key Sectors Remain Worried

Hong Kong's unemployment rate has fallen for the first time since mid-2023. Despite this positive sign, major industries like construction and catering report ongoing struggles. The city's jobless rate dropped to 3.8% for the past three months. This marks a slight 0.1 percentage point decline. Industry leaders, however, expressed caution about their sectors' immediate recovery. Construction industry representatives cite a shortage of new private development projects. This lack of new work continues to create uncertainty. In the catering sector, the problem is unattractive wages for junior roles. This makes it difficult to fill positions in the food and beverage industry. Both sectors remain pessimistic about their near-term future.