The unemployment rate (2.8 percent) and the unemployment rate among residents (3.5 percent) decreased by 0.3 and 0.4 percentage points, respectively. The underemployment rate also dropped by 0.4 percent, as indicated by the latest employment survey released this week by the Statistics and Census Service (DSEC).
The median income of the employed population was 17,000 patacas, while that of residents was 20,000 patacas, both remaining unchanged from the first quarter of 2023. The active population living in Macau totaled 371,800 people, with the employed population reaching 361,400 people, an increase of 2,100.
Degree holders without jobs
Those with higher education represent 43.9% of the employed population. (Photograph: DSAL)
Regarding the educational qualifications of the employed population, an interesting trend was observed. There was a decrease in employees with completed higher education (a decrease of 1.5 percent on a quarterly basis). On the other hand, the employed population with secondary education increased by 1.4 percent.
This does not necessarily mean that unemployment among the active population with higher education has increased (in fact, it decreased by 0.1 percent), but rather that those with secondary education now represent a larger share in the labor market compared to the previous quarter. Those with higher education represent 43.9 percent of the employed population, ahead of those with secondary education (27.8 percent), general secondary education (17 percent), primary education (9.4 percent), and other unspecified levels (1.8 percent).
At the same time, the population with higher education also faces greater difficulties in finding employment at this time, representing nearly half of the unemployed population (4,600).
Financial sector with better compensation
Unemployment in Macau (Credit DSAL)
At the top of the monthly income scale are workers in the financial sector (20,500 patacas). Despite maintaining the top position compared to the previous quarter, the median salary for this profession decreased by 1,500 patacas. Following closely are professionals in lotteries and betting, with a median of 20,000 patacas – a decrease of 500 patacas. Workers in the transportation, storage, and communication sector complete the top three with median monthly incomes above 15,000 patacas. These workers even saw an increase in their earnings, with a rise of 1,500 patacas, reaching 16,800.
Except for the latter, only one more branch of economic activity experienced an increase in the median salary (see chart #1). Retail trade increased from 12,800 to 14,000 patacas, a positive variation of 9.4 percent.
Causes of unemployment
The post-pandemic period is decidedly different from the period that preceded it (see charts #2 and #3). Compared to the same quarter of 2019, the population survey indicates an increase in layoffs, business closures, and the end of temporary employment. While the majority of Macau’s active population remains unemployed for personal or family reasons, currently only 27.5 percent cite this as a reason, whereas in 2019, that number was 43.6 percent.
