The number of job postings in Hong Kong in July remained at very similar to levels seen the month before with only a 2% overall decrease. However, going into the final week of July, job postings began to plummet, according to Link's Hong Kong Job Index. Admin & HR and Marketing / PR job postings saw two consecutive weeks of 3% dips.
The job market decline was in part driven by the worsening Covid-19 situation in the city, with the latest decrease mirroring the decrease in job postings seen during previous waves of the virus. The severity of the latest Covid-19 situation has caused the government to put in place its strictest social distancing measures yet and civil servants have returned to working-from-home arrangements.
The good news is that the decreases have not been as steep as the decreases during the first two waves of Covid-19 in February and April, which reflects that businesses are probably more prepared and adapting to the new normal.
While job application rates tend to increase as job postings decrease, the situation in July is quite the contrary. Job application rates to job postings decreased by 9% in July despite there being a drop in job postings.