Hong Kong’s job market shows positive hiring intention in the third quarter of 2024, though employers are adopting a more cautious approach, according to a report published by ManpowerGroup on Tuesday.

The report says 37 percent of surveyed employers in Hong Kong expect an increase in payrolls, 29 percent anticipate a decrease, and 32 percent forecast no change. The Employment Outlook Survey covers 40,374 employers from 42 countries and regions worldwide, about 500 of whom are from Hong Kong.

As of the end of April, Hong Kong had approved 180,000 applications under various talent admission programs with more than 110,000 professionals arriving in the city since last December, according to data from the Hong Kong SAR government

Based on the survey, the group found that the most optimistic sector in Hong Kong is the information technology industry with a net employment outlook (NEO) of 32 percent, followed by the healthcare and life sciences sector, with a NEO of 23 percent. NEO is calculated by subtracting firing intention from hiring intention along with other adjustments.

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Information technology’s NEO showed a quarterly rise of 9 percent. “Out of 525 surveyed companies, more than half have already adopted AI tools and 25 percent of the companies plan to implement AI technology within the next year,” Lancy Chui Yuk-shan, senior vice-president at ManpowerGroup Greater China, said of the surge in this sector.

“The talent shortage in health care and life sciences is primarily driven by the ongoing imbalance between doctors and the growing elderly population, as well as the rising number of patients with chronic illnesses.”

To meet the rising sentiment for hiring, the Hong Kong Special Administrative Region government is trying to attract talent from around the globe. As of the end of April, Hong Kong had approved 180,000 applications under various talent admission programs with more than 110,000 professionals arriving in the city since last December, according to data from the Hong Kong SAR government.

However, the transport, logistics and automotive sectors show a negative NEO of 17 percent.

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“The transportation and logistics sector has encountered challenges due to intensified competition and international trade disputes, leading to a decline in container throughput. This decline has had a negative impact on the logistic supply chain, with Hong Kong’s total container throughput experiencing a 4.7 percentage point decrease compared to the previous year,” Chui said.

Chui said the city’s job market overall is positive but conservative in the short term. Hong Kong’s overall NEO for the third quarter of 2024 is positive 8 percent, indicating stable prospects but still far below the global average of 22 percent.

Chui attributed the shift to an ongoing decline in the international economic environment and a gradual shift in local consumption patterns toward the mainland market.

Contact the writer at thor_wu@chinadailyhk.com