Unemployment rate returns to pre-pandemic levels, DSEC claims

Official statistics released from the Statistics and Census Service (DSEC) show that the unemployment rate of local residents in the three months spanning November 2023 to January 2024 was 2.8%.

In the same release, the DSEC also noted that the general unemployment rate in Macau was 2.2%.

Both indicators have registered slight decreases of 0.1% when compared with the previous three-month period (October – December 2023), aligning with levels observed in early 2020.

In contrast, the underemployment rate increased by 0.1% to reach 1.5%.

Despite a percentage increase in unemployed individuals, the total number of employed people in Macau at the end of January this year (370,700) – 285,500 of which were local residents – also declined by 400 and 600 people respectively.

DSEC’s industry-specific analysis indicated a notable decline in unemployed workers in the Construction and Retail Trade sectors, with an increase in unemployed workers in the Gaming & Junket Activities and Hotels & Similar Activities sectors.

Concurrently, the number of unemployed individuals (8,400) decreased by 200 from the previous period.

Among the unemployed individuals seeking new opportunities, many were previously engaged in Retail Trade, Gaming & Junket Activities, and the Construction sector. Meanwhile, the proportion of new labor market entrants seeking their first job fell by 3% to 9.2% of the total unemployed.

The number of underemployed individuals (5,700) increased by 500 from the previous period, with the majority working in the Transport & Storage and the Construction sectors.

Compared year-on-year with the same period last year, the labor force participation rate, unemployment rate, and underemployment rate all experienced decreases of 0.6%, 1.2%, and 1.7% respectively.

At the end of January 2024, the labor force living in Macau totaled 379,100, with a participation rate of 67.9%.

As in previous releases, the Employment Survey from DSEC covers all residential units in the Peninsula, Taipa, and Coloane, excluding collective living quarters such as dormitories and aged care facilities.

All people living in residential units were included in the survey. However, local residents and non-resident workers who work in Macau but live outside the territory were not included.

Preliminary estimates from movement records suggest an average of 100,700 residents and non-resident workers fall into this category.

When including these individuals, the total labor force (479,900) increased by 300 from the previous period.