Unemployment rate drops while full-time employment sees an increase

The latest data from the Statistics and Census Bureau (DSEC) show that the unemployment rate for local residents from August to October stood at 2.3%, with September recording year-on-year increases in the average remuneration for full-time employees in the hotel, catering, and childcare services sectors.

The DSEC’s monthly statistics released on Friday show that the overall unemployment rate from August to October was 1.7%, with the unemployment rate for local residents also falling by 0.1 percentage points compared to the previous period of July to September. During this timeframe, the total labor force reached 492,200, reflecting an increase of 1,500 people over the prior period.

According to the DSEC report, among the 6,700 unemployed residents, a significant number had previously worked in the retail and construction sectors.

Chinese media outlet Macao Daily News cited a human resources company noting that personnel fluctuations in the retail sector are particularly pronounced. The company acknowledged that the trajectory of Macau’s human resources market remains uncertain, influenced by the broader economic environment and industry developments.

The media report highlighted that, compared to closures of satellite casinos, the catering and retail sectors experienced significant workforce fluctuations due to declining business.

Hiring has slowed considerably, with many well-known establishments suspending recruitment due to unsatisfactory performance, while some face the risk of layoffs if business targets are not met, leading to a cautious approach to development.

It was noted that the labor market is expected to remain volatile next year, influenced by factors such as the departure of non-local workers, with significant fluctuations anticipated between March and April.

The DSEC reported an improvement in underemployment for this period, with the overall underemployment rate decreasing by 0.1 percentage points to 1.4%, and the rate for local residents dropping by 0.2 percentage points to 1.8%.

This translates to 5,200 underemployed residents, primarily engaged in real estate and business services, construction, and transportation and warehousing. Additionally, the proportion of new entrants seeking their first job among unemployed residents fell by 4.4 percentage points to 13.9%.

Salary for certain industry staff rises

Data from the DSEC show that by the end of the third quarter of this year, employment numbers increased year-on-year in several sectors.

The hotel industry employed 61,275 workers, an increase of 3.5%, while the food and beverage industry employed 28,970 workers, up 1.4%. Elderly care services reported 1,531 employees, marking a 6.2% increase, and the water, electricity, and gas production and supply industry reached 1,094 employees, up 1.5%. However, the manufacturing sector declined to 8,404 employees, down 2.7%, and childcare services decreased to 1,380 employees, a drop of 3.2%.

In terms of remuneration, average pay in the manufacturing sector fell by 1.1% to MOP12,680, while local full-time employees experienced a 2.1% increase in their average pay, now at MOP15,110. Full-time employees in the hotel industry recorded average monthly compensation of MOP20,390, while those in food and beverage services earned MOP11,060, and childcare services saw MOP16,960, reflecting year-on-year increases of 3.1%, 4.3%, and 2.8%, respectively.

Authorities noted that the hotel sector’s human resource demand is stabilizing, with the vacancy rate at 3% and the employee turnover rate at 3.7%, both declining year-on-year. In contrast, the catering sector faced an increased vacancy rate of 5.8%, up 0.9 percentage points, while its employee hiring rate decreased to 5.1%, a drop of 0.4 percentage points.