Unemployment edges up in third quarter

The general unemployment rate increased by 0.1 percentage points to 1.8% during the third quarter of 2019, according to the latest data released yesterday by the Statistics and Census Service (DSEC). During this period, the unemployment rate of local residents also increased by 0.2 percentage points from the previous quarter to reach 2.5%.

As of September, the total labor force amounted to 394,000 people, according to DSEC, with the number of residents employed totaling 281,100.

Total employment decreased by 100 people on aggregate quarter-to-quarter, according to DSEC. Analyzed by industry, employment in gaming and junket activities (84,900) dropped by 2,200 quarter-to-quarter, while that within the wholesale and retail trade (41,800) rose by 2,000.

With fresh graduates entering the labor market during the third quarter, the proportion of new labor market entrants seeking their first job increased by 1.7 percentage points to make up 21% of the total unemployed.

Meanwhile, the median monthly earnings of the employed in the third quarter increased by MOP700 quarter-to-quarter to MOP17,000. The median monthly earnings of employed residents stayed the same as in the previous quarter, at MOP20,000. DB