Labor force decreased between March and May, fewer working in finance

In its most up-to-date statistics release, the Statistics and Census Service (DSEC) noted that the labor force in Macau shrank slightly between March and May this year.

The labor force living in Macau (380,200) and total employment (373,000) recorded decreases of 400 and 200 people, respectively, from the previous period (February to April).

On the other hand, this drop was offset by a slight increase in employed residents (282,200), which rose by 300.

The DSEC noted that their analysis of the figures by industry found that the increase in the number of employed residents is primarily due to people working in the construction sector. At the same time, the decrease is related to those working in financial activities.

Overall, the variations shown were not enough to cause changes in either the general unemployment rate (1.9%) or the unemployment rate of local residents (2.5%), which remained unchanged from February–April.

The bureau remarked that the number of unemployed residents at the end of May was 7,200, with the majority of those searching for a new job previously employed in the retail trade, construction, and gaming sectors.

Meanwhile, the proportion of new labor market entrants seeking their first job decreased by 1.8 percentage points, to 8.4% of the unemployed residents.

The general labor force participation rate (66.6%) and the labor force participation rate of local residents (61.3%) decreased by 0.8 and 0.7 percentage points, respectively, compared with the same period last year.

Underemployment rising again

DSEC said the general underemployment rate (1.6%) and the underemployment rate of local residents (2.1%) increased by 0.2 and 0.3 percentage points, respectively, over the previous period, adding that the number of underemployed residents (6,000) increased by 800.

Contributing to these results were workers in the construction sector, real estate, and business activities.

The Employment Survey includes all residential units in the Macau Peninsula, Taipa, and Coloane but excludes collective living arrangements such as dormitories and care homes for the elderly.

It also excludes Macau residents and non-resident workers who work in Macau but live outside the territory.

Based on preliminary estimates from movement records, about 106,400 Macau residents and non-resident workers worked in Macau but lived outside the territory during the reference period. When these individuals were included, the total labor force (approximately 486,500) decreased by 300 compared to the previous period.