Employment steady in last quarter

Macau’s general unemployment rate and the unemployment rate of residents remained unchanged in the third quarter of 2024, while underemployment rose slightly, according to the Statistics and Census Service (DSEC).

The general unemployment rate for September-November 2024 stood at 1.7%, unchanged from the previous August-October period. Similarly, the unemployment rate of local residents held steady at 2.3%. However, the underemployment rate rose by 0.3 percentage points to 1.5%.

The labor force living in Macau grew by 1,800 to 386,000, while total employment increased by the same amount to 379,300. The number of employed residents also rose by 800 to 287,300. Employment in the gaming sector and financial activities increased, but declined in the hotels, restaurants and similar activities industry.

The number of unemployed individuals was 6,700, similar to the previous period. Most of the unemployed were previously engaged in the gaming sector and retail trade. The proportion of new labor market entrants seeking their first job dropped 3.6 percentage points to 14.6% of the total unemployed.

The number of underemployed individuals increased by 1,100 to 5,800, with the majority working in real estate and business activities as well as the transport and storage sector.

Compared to the same period in 2023, the labor force participation rate decreased 0.4 percentage points to 68%, and the unemployment rate declined 0.6 percentage points to 1.7%. The underemployment rate, however, rose 0.1 percentage point to 1.5%. VC