Employment and vacancies statistics for June 2024
According to the figures released today (September 20) by the Census and Statistics Department (C&SD), total employment in the private sector surveyed decreased by 0.5% or 14 200 persons in June 2024 compared with a year earlier. The total number of vacancies was 69 440, representing a decrease of 15% or 12 020 over the preceding year.
Employment statistics
In June 2024, the selected industries as a whole employed 2 724 100 persons. The import and export trade engaged 357 200 persons, followed by professional and business services (excluding cleaning and similar services) engaging 313 500 persons, retail trade 239 100 persons, financing and insurance 229 300 persons, and food and beverage services 223 700 persons.
Movements in the employment in different surveyed industries varied when compared with a year earlier. Decreases were mainly observed in the industries of wholesale (-6.1% or -3 100 persons), retail trade (-5.1% or -12 800 persons), import and export trade (-5.0% or -18 900 persons), and cleaning and similar services (-4.3% or -3 600 persons). On the other hand, employment increased mainly in the industries of construction sites (manual workers only) (11.8% or 13 100 persons), and residential care and social work services (4.3% or 3 100 persons). Employment figures for selected major industries are shown in Table 1.
Vacancies statistics
Among the 69 440 private sector vacancies in June 2024, 7 640 were from the industry of transportation, storage, postal and courier services; 7 120 from professional and business services (excluding cleaning and similar services); 6 890 from education; and 5 680 from food and beverage services.
Vacancies decreased in majority of the selected industries in June 2024 over a year earlier. Decreases were mainly observed in the industries of retail trade (-2 660 or -40%), education (-2 250 or -25%), financing and insurance (-1 450 or -23%), and arts, entertainment, recreation and other services (-1 370 or -25%). On the other hand, vacancies increased mainly in the industries of transportation, storage, postal and courier services (620 or 9%), and import and export trade (310 or 8%). Job vacancies figures for selected major industries are shown in Table 2.
Analysed by major occupation category, private sector vacancies were observed mainly in the categories of service and sales workers (25 760 vacancies), professionals (11 400 vacancies), and associate professionals (10 080 vacancies). Job vacancies figures by major occupation category are shown in Table 3.
Seasonally adjusted statistics
For discerning the latest trend in employment and vacancies in the private sector, it is useful to look at changes over a three-month period in the respective seasonally adjusted figures. Compared with March 2024, the seasonally adjusted total employment and total vacancies in the surveyed industries decreased by 0.2% and 8.1% respectively in June 2024. The changes over three-month periods in the seasonally adjusted series of employment and vacancies are shown in Table 4.
Other information
The above employment and vacancies statistics were obtained from the Quarterly Survey of Employment and Vacancies and the Quarterly Employment Survey of Construction Sites conducted by the C&SD. In the former survey, some economic activities (e.g. those dominated by self-employment, including taxi operators and hawkers) are not covered. Therefore, the respective employment and vacancies figures relate only to those selected industries included in the survey. In the latter survey on construction sites, employment and vacancies figures relate to manual workers only.
A detailed breakdown of the above statistics is published in the following reports:
"Quarterly Report of Employment and Vacancies Statistics, June 2024"
(www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1050003&scode=452)
"Quarterly Report of Employment and Vacancies at Construction Sites, June 2024"
(www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1050004&scode=452)
Users can browse and download these publications at the website of the C&SD.
Enquiries on more detailed employment and vacancies statistics can be directed to the Employment Statistics Section of the C&SD (Tel: 2582 5076 or email: employment@censtatd.gov.hk).
Consumer Price Indices for August 2024
The Census and Statistics Department (C&SD) released today (September 20) the Consumer Price Index (CPI) figures for August 2024. According to the Composite CPI, overall consumer prices rose by 2.5% in August 2024 over the same month a year earlier, the same as that in July 2024. Netting out the effects of all Government's one-off relief measures, the year-on-year rate of increase in the Composite CPI (i.e. the underlying inflation rate) in August 2024 was 1.2%, also the same as that in July 2024.
On a seasonally adjusted basis, the average monthly rate of increase in the Composite CPI for the 3-month period ending August 2024 was 0.6%, the same as that for the 3-month period ending July 2024. Netting out the effects of all Government's one-off relief measures, the corresponding rates of increase were both 0.2%.
Analysed by sub-index, the year-on-year rates of increase in the CPI(A), CPI(B) and CPI(C) were 3.2%, 2.2% and 1.9% respectively in August 2024, as compared to 3.1%, 2.3% and 2.0% respectively in July 2024. Netting out the effects of all Government's one-off relief measures, the year-on-year rates of increase in the CPI(A), CPI(B) and CPI(C) were 1.1%, 1.2% and 1.3% respectively in August 2024, as compared to 1.0%, 1.2% and 1.4% respectively in July 2024.
On a seasonally adjusted basis, for the 3-month period ending August 2024, the average monthly rates of increase in the CPI(A), CPI(B) and CPI(C) were 0.8%, 0.5% and 0.4% respectively, same as those for the 3-month period ending July 2024. Netting out the effects of all Government's one-off relief measures, the average monthly rates of increase in the seasonally adjusted CPI(A), CPI(B) and CPI(C) for the 3-month period ending August 2024 were 0.2%, 0.1% and 0.2% respectively, and the corresponding rates of increase for the 3-month period ending July 2024 were all 0.2%.
Amongst the various components of the Composite CPI, year-on-year increases in prices were recorded in August 2024 for alcoholic drinks and tobacco (20.8%), electricity, gas and water (4.8%), housing (3.3%), transport (2.8%), meals out and takeaway food (2.4%), miscellaneous services (2.2%), miscellaneous goods (0.9%), and basic food (0.8%).
On the other hand, year-on-year decreases in the components of the Composite CPI were recorded in August 2024 for clothing and footwear (-1.8%), and durable goods (-0.9%).
Taking the first 8 months of 2024 together, the Composite CPI rose by 1.8% over a year earlier. The respective increases in the CPI(A), CPI(B) and CPI(C) were 2.2%, 1.7% and 1.6% respectively. The corresponding increases after netting out the effects of all Government's one-off relief measures were 1.0%, 0.9%, 1.1% and 1.3% respectively.
For the 3 months ending August 2024, the Composite CPI rose by 2.1% over a year earlier, while the CPI(A), CPI(B) and CPI(C) rose by 2.7%, 1.9% and 1.8% respectively. The corresponding increases after netting out the effects of all Government's one-off relief measures were 1.1%, 1.0%, 1.1% and 1.3% respectively.
For the 12 months ending August 2024, the Composite CPI was on average 2.0% higher than that in the preceding 12-month period. The respective increases in the CPI(A), CPI(B) and CPI(C) were 2.4%, 1.9% and 1.8% respectively. The corresponding increases after netting out the effects of all Government's one-off relief measures were 1.2%, 1.1%, 1.2% and 1.5% respectively.
Commentary
A Government spokesman said that underlying consumer price inflation remained modest in August. Prices of meals out and takeaway food increased at a moderated pace over a year earlier, and those of basic food inched up further. Prices of energy-related items continued to show visible decline. Price pressures on other major components remained broadly in check.
Looking ahead, overall inflation should stay mild in the near term. Domestic cost may face some moderate upward pressures as the Hong Kong economy continues to grow. External price pressures should moderate further in broad terms, though geopolitical tensions may pose uncertainties. The Government will continue to monitor the situation.
Further information
The CPIs and year-on-year rates of change at section level for August 2024 are shown in Table 1. The time series on the year-on-year rates of change in the CPIs before and after netting out the effects of all Government's one-off relief measures are shown in Table 2. For discerning the latest trend in consumer prices, it is also useful to look at the changes in the seasonally adjusted CPIs. The time series on the average monthly rates of change during the latest 3 months for the seasonally adjusted CPIs are shown in Table 3. The rates of change in the original and the seasonally adjusted Composite CPI and the underlying inflation rate are presented graphically in Chart 1.
More detailed statistics are given in the "Monthly Report on the Consumer Price Index". Users can browse and download this publication at the website of the C&SD (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1060001&scode=270).
For enquiries about the CPIs, please contact the Consumer Price Index Section of the C&SD (Tel: 3903 7374 or email: cpi@censtatd.gov.hk).
