Employment and vacancies statistics for September 2024
According to the figures released today (December 20) by the Census and Statistics Department (C&SD), total employment in the private sector surveyed decreased by 0.8% or 21 700 persons in September 2024 compared with a year earlier. The total number of vacancies was 66 460, representing a decrease of 18% or 14 190 over the preceding year.
Employment statistics
In September 2024, the selected industries as a whole employed 2 721 500 persons. The import and export trade engaged 355 700 persons, followed by professional and business services (excluding cleaning and similar services) engaging 311 300 persons, retail trade 237 100 persons, financing and insurance 230 500 persons, and food and beverage services 221 200 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 (-6.0% or -3 100 persons), retail trade (-5.9% or -15 000 persons), import and export trade (-5.1% or -19 100 persons), and financing and insurance (-2.3% or -5 300 persons). On the other hand, employment increased mainly in the industries of construction sites (manual workers only) (10.7% or 11 800 persons), residential care and social work services (3.7% or 2 600 persons), and accommodation services (3.7% or 1 300 persons). Employment figures for selected major industries are shown in Table 1.
Vacancies statistics
Among the 66 460 private sector vacancies in September 2024, 6 690 were from the industry of education, 6 590 from human health services, 6 210 from professional and business services (excluding cleaning and similar services), and 5 440 from food and beverage services.
Vacancies decreased in majority of the selected industries in September 2024 over a year earlier. Decreases were mainly observed in the industries of education (-2 420 or -27%), human health services (-1 880 or -22%), transportation, storage, postal and courier services (-1 810 or -26%), and retail trade (-1 440 or -25%). On the other hand, vacancies increased mainly in the industries of import and export trade (280 or 9%), and real estate (240 or 5%). 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 (23 930 vacancies), associate professionals (11 380 vacancies), and professionals (10 010 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 June 2024, the seasonally adjusted total employment and total vacancies in the surveyed industries decreased by 0.3% and 9.4% respectively in September 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, September 2024”
(www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1050003&scode=452)
“Quarterly Report of Employment and Vacancies at Construction Sites, September 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 November 2024
The Census and Statistics Department (C&SD) released today (December 20) the Consumer Price Index (CPI) figures for November 2024. According to the Composite CPI, overall consumer prices rose by 1.4% in November 2024 over the same month a year earlier, the same as that in October 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 November 2024 was 1.2%, also the same as that in October 2024.
On a seasonally adjusted basis, the average monthly rate of increase in the Composite CPI for the 3-month period ending November 2024 was 0.1%, the same as that for the 3-month period ending October 2024. Netting out the effects of all Government's one-off relief measures, the corresponding rates of increase were 0.1% and 0.2%.
Analysed by sub-index, the year-on-year rates of increase in the CPI(A), CPI(B) and CPI(C) were 1.7%, 1.3% and 1.1% respectively in November 2024, as compared to 1.6%, 1.3% and 1.2% respectively in October 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 1.6%, 1.1% and 1.0% respectively in November 2024, as compared to 1.5%, 1.1% and 1.1% respectively in October 2024.
On a seasonally adjusted basis, for the 3-month period ending November 2024, the average monthly rates of increase in the CPI(A), CPI(B) and CPI(C) were all 0.1%, the same as those for the 3-month period ending October 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 November 2024 were 0.2%, 0.1% and 0.1% respectively, the same as those for the 3-month period ending October 2024.
Amongst the various components of the Composite CPI, year-on-year increases in prices were recorded in November 2024 for alcoholic drinks and tobacco (21.2%), electricity, gas and water (9.8%), miscellaneous services (2.0%), meals out and takeaway food (1.7%), transport (1.3%), housing (0.9%), and miscellaneous goods (0.8%).
On the other hand, year-on-year decreases in the components of the Composite CPI were recorded in November 2024 for clothing and footwear (-2.4%), durable goods (-0.3%), and basic food (-0.3%).
Taking the first 11 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 2.1%, 1.6% and 1.5% 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 1.2% respectively.
For the 3 months ending November 2024, the Composite CPI rose by 1.6% over a year earlier, while the CPI(A), CPI(B) and CPI(C) rose by 2.0%, 1.5% and 1.3% respectively. The corresponding increases after netting out the effects of all Government's one-off relief measures were 1.1%, 1.3%, 1.0% and 1.0% respectively.
For the 12 months ending November 2024, the Composite CPI was on average 1.8% higher than that in the preceding 12-month period. 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 1.1%, 1.0%, 1.1% and 1.2% respectively.
Commentary
A Government spokesman said that underlying consumer price inflation stayed modest in November. Food prices as a whole showed further mild year-on-year increases. Meanwhile, the decline in prices of energy-related items continued to narrow alongside the dissipation of high base of comparison. Price pressures on other major components remained broadly in check.
Looking ahead, overall inflation should stay mild in the near term. Domestic cost could see some mild upward pressures, as the Hong Kong economy continues to grow. External price pressures should ease in broad terms, though uncertainties from the external environment increased. The Government will continue to monitor the situation.
Further information
The CPIs and year-on-year rates of change at section level for November 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).
