Unemployment rate declines to 2.4% in 2024

The SAR’s unemployment rate showed positive signs of improvement in 2024, according to the latest data from the Statistics and Census Service (DSEC).

The overall unemployment rate for the year decreased by 0.9 percentage points, reaching 1.8%, while the unemployment rate for local residents fell by 1.0 percentage point, reaching 2.4%.

The decrease in unemployment comes in the wake of a stable economic recovery throughout the year, with median monthly earnings for employed individuals rising slightly.

The median earnings of the employed population stood at MOP18,000, up by MOP500 from the previous year. Employed residents saw a similar increase, with median monthly earnings of MOP20,500, also up by MOP500 year-on-year.

Despite the overall positive trend, the fourth quarter of 2024 showed some stability, with the general unemployment rate remaining steady at 1.7% and the unemployment rate for local residents holding at 2.3%. However, the general underemployment rate saw a slight increase of 0.4 percentage points, reaching 1.5%.

In terms of sector performance, employment in industries such as construction and retail trade saw declines in the fourth quarter, with the construction sector losing 1,600 jobs and retail trade losing 800 jobs. In contrast, the real estate and business activities sector saw an increase of 1,900 jobs.

While total employment decreased by 1,000 and the number of employed residents dropped by 1,700, the number of unemployed individuals remained largely stable at 6,700. The report also revealed a slight decline in the proportion of new labor market entrants seeking their first job, which stood at 13.9% of the total unemployed.

Amid economic recovery, lawmaker Ella Lei believes that while the unemployment rate is currently relatively low, there are still issues of underemployment and residents on very low wages who are close to being unable to sustain themselves and their families. Staff Reporter