A man sits by the Tsim Sha Tsui waterfront as buildings forming the city skyline stand across the harbor in Hong Kong, June 29, 2020. (PAUL YEUNG/BLOOMBERG)

Hong Kong’s unemployment rate jumped to its highest level in nearly 16 years amid the third wave of the coronavirus pandemic.

The seasonally adjusted unemployment rate in the July-to-September period stood at 6.4 percent, a 0.3 percentage point increase from the June-to-August period. The underemployment rate remained unchanged at 3.8 percent — the highest since the third quarter of 2003.

The seasonally adjusted unemployment rate in the July-to-September period stood at 6.4 percent, a 0.3 percentage point increase from the June-to-August period. The underemployment rate remained unchanged at 3.8 percent — the highest since the third quarter of 2003

“As the overall economic situation remains weak and the global pandemic is still evolving, the labor market will remain under pressure in the near term. The government will continue to monitor the situation closely,” Secretary for Labor and Welfare Law Chi-kwong said in a government statement on Tuesday.

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The unemployment rate increased across almost all the major economic sectors, with sharper increases observed in the retail, accommodation and food services sector, as well as the arts, entertainment and recreation sector. The number of unemployed jumped to 259,800.

In the underemployment rate, increases were seen mainly in the food-and-beverage service activities sector; and the arts, entertainment and recreation sector.

“On a positive note, any further increase could be moderate given the easing of containment measures, the receding local pandemic, and global recovery, all of which may even support a gradual improvement in labor market in the medium term,” OCBC Wing Hang Bank Economist Carie Li Ruofan said.

“However, as the pandemic may have had a long-term impact on some sectors including tourism, aviation and other services sector, it may not be easy for the labor market to return to the pre-virus level,” she added.

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The unemployment rate of the consumption- and tourism-related sectors (retail, accommodation and food services sectors) combined surged 0.8 percentage point in the July-to-September period to 11.7 percent, the highest since the onslaught of SARS, while the underemployment rate rose by 0.4 percentage point to 6.3 percent.

Meanwhile, the unemployment situation in many other sectors deteriorated, particularly in the arts, entertainment and recreation sector.

The Labor Department will host the Wan Chai Job Fair on Oct 28-29. Over 40 employers will participate.

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