Unemployment rate back to pre-pandemic levels

Data from Macau’s Statistics and Census Service (DSEC) has revealed a positive shift in the region’s unemployment landscape, with rates now mirroring those of December 2019 – February 2020.

The latest Employment Survey, indicates a decline in both the general unemployment rate and the rate among local residents. These rates decreased 0.2 percentage points to 1.9% and 2.5%, respectively, compared to the previous period (January – March 2024).

Concurrently, underemployment also fell 0.1 percentage points to 1.4%, reflecting improvements in both non-gaming and gaming sectors.

Total employment surged 1,200 to 372,300, primarily fueled by growth in non-gaming industries, with notable increases in Financial Services and Construction sectors.

Conversely, employment in Real Estate & Business Activities declined. The decline in unemployment was particularly pronounced among 16-34 year olds, with unemployment dropping by 600 to 7,400 and underemployment by 0.1 to 1.4%, impacting young professionals and recent graduates in sectors like Construction and Transport.

This fall in unemployment is a positive economic trajectory, especially for younger workers and those with tertiary education. The majority of the previously unemployed were concentrated in Construction, Retail Trade and Gaming & Junket Activities.

Comparing with February – April 2023, the labor force participation rate, unemployment rate, and underemployment rate all decreased by 0.2, 0.9, and 0.7 percentage points respectively,  indicating a trend towards stable employment opportunities and a strengthening economy.

The decreasing figures suggest a tightening labor market as the economy progresses. For those seeking new opportunities, a job matching session hosted by the Labour Affairs Bureau and the Federation of Workers on June 6-7 offers 385 professional vacancies, presenting a promising avenue for job seekers in Macau. Staff Reporter