Unemployment rate reaches record high at 5.4%
The unemployment rate of local residents for May-July 2022 rose to 5.4%, a record high since 2008, according to the available data disclosed by the government.
Information from the Statistics and Census Service (DSEC) indicated the general unemployment rate rose 0.4 percentage points from the previous period (April-June 2022) to 4.1%, owing to the suspension of most industrial and commercial activities during the partial lockdown amid the latest pandemic outbreak.
The underemployment rate increased by 9.3 percentage points to 13.4%.
The labor force living in Macau totaled 377,000 and the labor force participation rate was 68.2%. Total employment was 361,300 and the number of employed residents totaled 274,000, down 2,900 and 1,500 respectively from the previous period.
Last month, lawmakers 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.
The government has already announced two rounds of a MOP10 billion subsidy plan targeting SMEs and residents who are in need amid the current economic situation caused by the recent pandemic outbreak.
However, the unemployment toll has continued to rise since the beginning of the year.
From January to March, the unemployment rate of local residents was 4.5%, the highest for 14 years.
The number of the unemployed increased by 1,700 from the previous period to 15,600. Most of those currently unemployed and searching for a new job were previously engaged in gaming and junket activities and in the construction sector.
Meanwhile, with fresh graduates entering the labor market, the proportion of new labor market entrants seeking their first job increased 1.7 percentage points to 8.7% of the total unemployed.
The number of the underemployed surged by 34,900 from the previous period to 50,600, with the majority working in gaming and junket activities, hotels, restaurants and similar activities and retail trade.
