Unemployment continues to grow in Macau, 0.4% y-o-y

A survey from the Statistics and Census Service (DSEC) has shown that both the general unemployment rate and the unemployment rate of local residents for the three-month period between December 2021 and February 2022 has continued to grow by 0.1%, reaching 3.3% and 4.3% respectively as at the end of February.

In the same survey, the DSEC found a drop of 0.3% in the underemployment rate, which is now 2.9%.

According to the DSEC, the total labor force living in Macau amounts to 386,300, with a labor force participation rate of 69.3%. 

A total of 373,600 people were employed, of which 281,000 were residents. These figures represent a drop of 5,400 and 3,500, respectively, when compared with the period between November 2021 and January 2022.

The drop in the number of people who are underemployed – which fell by about 1,500 people (to 11,100) – was mostly attributed to those engaged in the sector Gaming & Junket Activities, who have now either been reemployed or are now unemployed.

The survey also shows that a larger decline was registered in the Construction sector, while the Wholesale & Retail Trade sector registered a slight increase.

Most of those who are currently unemployed but searching for a new job were people previously engaged in Gaming & Junket Activities and the Construction sector.

The unemployment rate did not register a higher increase than what was reported, as there was a significant decline in the proportion of new labor market entrants seeking their first job. This group registered a decrease of 2.3%, representing 7.4% of the total number of unemployed people.

When compared year-on-year in the same period, the growth of the unemployment rate reached 0.4%, while the underemployment rate is now 1.6% lower than one year ago.