Unemployment rate remains at 3.1% in Q3

The unemployment rate of local residents remained unchanged at 3.1% in the third quarter (Q3), according to the Statistics and Census Service (DSEC). The general unemployment rate for July to September 2023 was 2.4%.

Total employment increased by 7,900 quarter-on-quarter, while the proportion of residents who made up this figure rose by 4,200. Analyzed by industry, employment in gaming and junket activities (71,000), hotels and similar activities (26,100) and retail trade (36,000) increased by 2,500, 1,800 and 1,500 respectively quarter-on-quarter, while employment in the education sector (18,800) dropped by 2,000.

The number of those unemployed decreased by 200 from the previous period to 9,100. Among those unemployed searching for a new job, most were previously engaged in the construction sector, gaming and junket activities and hotels, restaurants and similar activities. The number of the underemployed decreased by 800 from the previous period to 5,900, the majority of whom were working in the construction sector.

Median monthly employment earnings of those employed in the third quarter increased by MOP1,000 quarter-on-quarter to MOP18,000; earnings of those engaged in gaming and junket activities and the construction sector stood at MOP20,500 and MOP15,000 respectively. Meanwhile, median earnings of employed residents remained the same as in the previous quarter, at MOP20,000.