Unemployment rate approaches 2019 levels

The general unemployment rate for March-May 2024 stood at 1.9%, while the unemployment rate for local residents was 2.5%, according to data from the Statistics and Census Service (DSEC).

The latest government data indicates the unemployment rate has remained steady, approaching the levels seen in the same period in 2019.

Both indicators remained unchanged from the previous period (February-April 2024) after falling for two consecutive periods and are approaching their corresponding levels in the same period in 2019.

The underemployment rate also remained unchanged at 1.4%.

The labor force living in Macau totaled 379,300, with a labor force participation rate of 67.4%.

Total employment (372,100) and the number of employed residents (283,600) both experienced slight declines from the previous period.

Analyzed by industry, employment in the Financial Activities and Construction sectors decreased, while employment in Hotels, Restaurants & Similar Activities increased further, owing to a continued rise in the number of visitors.

The number of unemployed persons (7,200) declined by 200 from the previous period, marking the fifth consecutive period of decline.

Underemployment also decreased further, with the number of underemployed (5,200) falling by 200 from the previous period, primarily in the Construction and Transport & Storage sectors.

This comes as the government, associations and big six operators have held multiple job-matching sessions.

However, earlier this year, lawmakers were skeptical that the “job-matching sessions” model promoted by the government with the gaming concessionaires will be effective. They said the existing model is saturated and unlikely to alleviate unemployment of residents any further.

Lawmakers noted that some of those employed through the job matching model only remained in their roles for brief periods. Victoria Chan