Unemployment rate at 4% as economic turmoil continues

The general unemployment rate slightly decreased to 4% in the July to September period, while the unemployment rate of local residents stood at 5.2%, dropping slightly by 0.3 percentage points.

Total employment was 363,000 and employed residents totaled 280,000, up 100 and 1,700 respectively from the previous period.

The labor force living in Macau totaled 378,200 and the labor force participation rate was 68.9%.

The figures are still considered high as the city continues to suffer from economic fallout caused by the pandemic, with the government adhering to strict Covid-19 restrictions.

Data from the Statistics and Census Service (DSEC) shows the underemployment rate held steady at 16.5%.

A recent survey titled “Gig work and young people in Macau in the digital age” shows most people agree a stable job brings more security than gig work.

The study concluded that 47% of people expressly said they were willing to accept non-permanent work (gig work) as their choice of job.

The number of those who are unemployed decreased by 1,100 from the previous period to 15,200. Among the unemployed searching for a new job, most were previously engaged in gaming and junket activities and in the construction sector.

Meanwhile, the proportion of new labor market entrants seeking their first job increased 1.1 percentage points to 13.1% of the total unemployed.

The number of the underemployed dropped 100 from the previous period to 62,500, with the majority working in gaming and junket activities, hotels, restaurants and similar activities and retail trade.

Median monthly employment earnings of the employed in the third quarter dropped MOP1,300 quarter-to-quarter to MOP14,000.

Lawmakers from the workers association have called on the government to enact additional and more effective measures to promote the employment and reemployment of local workers affected by the Covid-19 crisis.