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Country Report Macau

Description:
On July 27th the Statistics and Census Service published data for April-June showing that the rate of unemployment in the territory remained stable, at 1.8%, as compared with March-May.

The sharp decline in gambling has led to a plunge in the territory's GDP, but the jobs market has barely been affected and Macau remains in a state of full employment. The government stated that total employment in April-June was down by 200 compared with March-May, at 398,300. Yet, the number of unemployed people remained stable at 7,200. A larger rise in unemployment is evident in quarterly figures, although the change remains modest compared with the scale of the economic slowdown. In the second quarter of 2015 the unemployment rate averaged 1.8%, rising by 0.1 of a percentage point compared with the first quarter. In absolute terms, this amounted to a 1,200 decrease in employment between the two quarters, with older workers bearing the brunt of this.

There is some evidence of an impact on the jobs market from the gambling collapse. By sector, employment in the construction sector fell by 1,500 in April-June compared with March-May, although this is probably linked to the completion of some new hotel venues rather than the postponement of projects. Employment in the gambling sector was down by 800 over the same period. These adjustments were offset by increases of 1,000 and 900 respectively in employment in retail trade and in the hotels sector. Employment in restaurants rose by 200.
 
Contents:
Country Report Macau

Employment and earnings hold up amid recession
Event
Analysis
Impact on the forecast
 
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