Core Viewpoint - Morgan Stanley reports that Hong Kong's unemployment rate rose by 0.2 percentage points to 3.9% in the third quarter, reaching a three-year high, with significant challenges in the construction and retail sectors [1] Employment Data - The unemployment rate in the construction industry is at 7.2%, while the retail sector stands at 5.3% [1] - The unemployment rate in the restaurant industry remained stable at 6.4%, and the financial sector saw a slight improvement, increasing by 0.3 percentage points to 2.9% [1] - The underemployment rate remained stable at 1.6% [1] Future Projections - The overall unemployment rate is expected to rise further, potentially exceeding 4% by the end of 2025 due to macroeconomic uncertainties and structural challenges in the restaurant and retail sectors [1] - Despite recent positive trends in retail sales, the rising unemployment rate may negatively impact consumer sentiment [1] Retail Sales Impact - Retail sales growth is projected to slow to 2% year-on-year in September [1] - High vacancy rates in office buildings may negatively affect companies like Link REIT and Wharf Real Estate Investment Company [1]