Unemployment rate at 3.1%

The general unemployment rate was 2.5% for the June to August 2023 period, with the unemployment rate of local residents at 3.1%. These figures represent a decrease of 0.1 and 0.2 percentage points respectively from the previous period (May to July 2023), according to data from the Statistics and Census Service (DSEC). Meanwhile, the underemployment rate increased by 0.1 percentage points to 1.8%. With fresh graduates entering the labor market, the proportion of new labor market entrants seeking their first job increased by 4.1 percentage points, accounting for 12.7% of the total unemployed.