Malaysia’s labour market remains upbeat
The growth outlook in the labour market in Malaysia remains strong, despite the employment rate dropping 0.1 % to 68.4% last November compared with the previous month.
This is due to increasing labour force participation distorting the figures.
In a year-on-year comparison, the workforce participation rate rose 0.5% last year from 67.9% previously, but the number of people in the labour force increased 2.5% year on year to 15.46 million people, said Department of Statistics Malaysia (DoSM) Chief Statistician Datuk Seri Dr Mohd Uzir Mahidin.
Furthermore, employed individuals also increased by 2.5% to 14.94 million.
The MIDF Amanah Investment Bank Bhd’s research arm said the country’s labour market remains strong with employment growth improving.
Labour force growth and employment growth has been outpacing unemployment growth since March 2017.
“Looking forward, job vacancies are expected to gradually improve to 90,000 to 100,000 as the country gains confidence and stability over time from the new government and the economy’s outlook of the new Budget 2019,” said the bank’s report.