Hong Kong’s overall unemployment rate rose slightly from May to July, but the demand for financial roles has seen a rise, especially for artificial intelligence-related talent. Recruitment agencies expect hiring activity in the sector to continue growing if capital market momentum keeps picking up.
The special administrative region’s underemployment rate remained unchanged at 1.4 percent from May to July, the Census and Statistics Department’s latest data showed. The seasonally adjusted unemployment rate increased by 0.2 percentage points to 3.7 percent compared with the April to June period, with 8,800 more people being out of a job.
Sector performance varied across the board. Jobless rates recorded “distinct increases” in sectors such as foundation and superstructure, food and beverage services, and retail, while conditions improved in fields like building decoration and maintenance, and social work, according to the department.
Secretary for Labour and Welfare Chris Sun Yuk-han on Tuesday said the uptick in the number of unemployed people was “partly attributable to the influx of fresh graduates and school leavers entering the labor market”. Although the unemployment rate rose slightly, there was a positive development in total employment, he added.
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The number of employed persons in the city went up by about 14,000 people to more than 3.67 million from May to July. Notably, the finance and insurance industry had 271,700 employees, or 7.4 percent of the total, surpassing 268,000 in the previous three-month period, and also about 2,300 more than that of the first quarter of this year.
Global recruitment firm Robert Walters said the city’s financial job market “has demonstrated resilience” amid better capital market performance, with steady demand across key areas.
“We’ve seen signs of regaining momentum on the back of improved performance, such as the initial public offering rebound in the first half of the year,” John Mullally, managing director at Robert Walters Hong Kong, told China Daily. While traditional banking roles are shrinking, areas like insurance, private banking, and family offices remain relatively active, he added.
Echoing the sentiment, Isis Yu, a senior manager at Hays Hong Kong, said the rebound in IPOs has led to increased demand for equity capital markets analysts, syndicate professionals, and listing compliance experts.
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She added that sales and relationship management roles are among the most sought-after, while hiring in the financial technology sector has also seen a modest increase as many Web3 companies seek talent to support growth and regulatory alignment.
Meanwhile, amid a broader trend of digital transformation across financial institutions, there has been a “noticeable rise” in hiring for AI-related roles, especially for experts who can lead strategic AI integration into business processes, as well as specialists in machine learning engineering and data science, according to Yu.
Looking ahead, Yu expects hiring activity in the financial sector to continue its gradual upward trajectory in the second half of the year, “but hiring decisions will remain cautious and strategic, with firms focusing on roles that directly contribute to growth or transformation”.
Mullally said if the positive momentum in Hong Kong’s financial market continues alongside improved market confidence, hiring is likely to increase further.
Over the first six months in 2025, 44 enterprises made debuts in the city raising HK$109.4 billion ($14 billion) – more than eight times that of the same period in 2024 – and was the strongest half-year performance since 2021. Hong Kong’s gross domestic product increased by 3.1 percent in real terms year-on-year in the second quarter.
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Sun said the sustained growth of the Hong Kong economy should drive job creation.
“The government's various measures to promote economic growth, bolster consumption sentiment and attract investment are anticipated to support the overall labor demand," the secretary added.
