Q1 unemployment hits 2.1%

The SAR’S general unemployment rate stood at 2.1%, and local residents’ unemployment rate was 2.7% in the first quarter of 2024, both decreasing by 0.2 percentage points quarter to quarter, the SAR’s statistics watchdog reported Friday.

The Statistics and Census Service (DSEC) also revealed a slight increase in the underemployment rate, rising by 0.1 percentage points to 1.5% .

According to the DSEC, the labor force living in Macau totaled 379,100, and the labor force participation rate was 67.6%.

Total employment (371,100) remained stable quarter on quarter, while employed local residents (284,000) dropped by 2,100.

Analysed by industry, employment in Real Estate & Business Activities (31,700) and the Construction sector (25,900) fell by 2,600 and 2,000 respectively quarter-on-quarter, while that in Gaming & Junket Activities (71,400) and Hotels & Similar Activities (28,800) increased by 4,000 and 1,700 respectively.

Median monthly employment earnings of the employed (MOP18,000) and the employed residents (MOP20,500) in the first quarter increased by MOP400 and MOP500 respectively quarter-on-quarter, as employees in some industries were given double pay and bonuses in the first quarter.

Also, the number of unemployed (8,000) decreased by 200 from the previous period, where among the unemployed searching for a new job, most had been previously engaged in the Construction sector, Retail Trade and Gaming & Junket Activities.

Meanwhile, the proportion of new labor market entrants seeking their first job increased by 0.3 percentage points to 6.7% of the total unemployed. Staff Reporter