‘Tis the Season to be Jolly
Majority of HK Employers now Optimistic on Hiring
Employment prospects in Hong Kong have shown positive movement in Q4 2009 and Hong Kong’s Net Employment Outlook stands at +3%. This represents a moderate improvement of 6% quarter-over-quarter, but a considerable decline of 11% year-over-year, according to the latest Manpower Employment Outlook Survey.
The survey indicates improved labour market sentiment among Hong Kong employers with 80% expecting to keep current staff headcounts and to increase their payrolls in the next quarter, pointing to additional stability in the quarter ahead. However, employment is a lagging indicator of growth. The jobless rate may keep on a steady level as we near the end of the year and tend to come down gradually in Q1 to Q2 of 2010,” revealed Lancy Chui, General Manager, Manpower Hong Kong and Macau Operations.
Hiring expectations among employers have improved in all six industry sectors in recent months, while they are weaker in all six sectors when compared with the same period of 2008. For the seventh consecutive quarter, employers in the Services Industry Sector are reporting the most active hiring activity, up 6% from last year.
The weakest hiring intentions are reported by employers in Manufacturing and, Transportation & Utilities—both at -3%. The Manufacturing Outlook is 1% stronger than three months ago, but 11% weaker year-over-year. Hiring expectations among employers in the Transportation & Utilities sector are 3% stronger compared to Q3 of 2009, but 13% weaker year-over-year. The Finance, Insurance & Real Estate industry sectors show a considerable improvement of 10% quarter-over-quarter. However, the industry’s Outlook is still 12% weaker than in Q4. “Although the current jobless data remains stable, it will continue to face upward pressure as the business climate remains cautious and employers remain selective and conservative” said Chui.
Hong Kong is one of 35 countries and territories that take part in Manpower’s Employment Outlook Survey. In the Asia Pacific region, employment prospects are strongest in India, China and Australia, with the weakest and only negative forecasts reported in Japan and New Zealand.
Paul Arkwright
Publisher
