In the first quarter of 2024, Macau witnessed notable shifts in its employment landscape, particularly within the gaming and junket industry. Insights from the Statistics and Census Service (DSEC) shed light on key metrics such as employment rates, median earnings, and industry-specific trends.
Employment Figures and Trends:
In 1Q24, the gaming and junket industry in Macau boasted a workforce of 71,400 individuals, marking an increase of approximately 4,000 from the preceding quarter. This surge reflects the industry’s resilience and its role as a significant contributor to Macau’s economy.
Unemployment and Underemployment Rates:
Despite fluctuations in employment figures, Macau’s overall unemployment rate in 1Q24 stood at 2.1%, with a slight decline of 0.2 percentage points from the previous quarter. Similarly, the unemployment rate for local residents decreased to 2.7%, indicating favorable conditions for domestic employment opportunities. However, the underemployment rate experienced a marginal uptick of 0.1 percentage point, reaching 1.5%.
Earnings Landscape:
Median monthly earnings for the total employed population in Macau reached MOP$18,000 in 1Q24, reflecting an increase of MOP$400. Notably, local employed residents witnessed a more substantial rise in median earnings, reaching MOP$20,500, a quarter-on-quarter increase of MOP$500. This growth can be attributed to various factors, including special bonuses and pay rises implemented by key industries.
Industry Dynamics:
The surge in median earnings can be largely attributed to the impact of double pay and bonuses disbursed by select industries during the first quarter. Notably, Macau’s six concessionaires announced special bonuses equivalent to one month’s salary for their employees, coupled with pay rises for specific staff categories. Such initiatives not only bolstered employee morale but also contributed to enhanced financial well-being within the workforce.
Unemployment Trends:
Despite overall improvements in employment metrics, the number of unemployed individuals in 1Q24 totaled around 8,000, marking a decrease of 200 from the previous quarter. Among those actively seeking employment opportunities, sectors such as construction, retail, and gaming and junket industries accounted for a significant portion. This underscores the need for targeted interventions to address sector-specific challenges and facilitate smoother transitions for job seekers.
The employment landscape in Macau during the first quarter of 2024 reflects a mix of promising trends and ongoing challenges. While the gaming and junket industry continues to thrive, efforts to combat unemployment and underemployment remain critical. By leveraging insights from data provided by DSEC and implementing strategic initiatives, Macau can further enhance its economic resilience and foster sustainable growth in the labor market.