Malaysia: Labour market remained stable in December – UOB – by pabspiovano Malaysia Employment Banks
Senior Economist Julia Goh and Economist Loke Siew Ting at UOB Group, assess the lates labour market report from Malaysia.and labour force participation rate holding unchanged at 3.6% and 69.8% respectively. This was aligned with full operation of all economic activities for nearly one year amid persistent scaring effects of the COVID-19 pandemic on the economy. For the full year of 2022, unemployment rate averaged 3.9% , remaining above the pre-pandemic 2015-2019 long term average of 3.3%.
“Total employment recorded the smallest gain in 17 months of 21.8k or 0.1% m/m to 16.13mn in Dec , the highest level on record. The slower gain was mainly driven by all economic sectors, led by services and manufacturing sectors.”continued to affirm our view of a slower recovery momentum in Malaysia’s labour market since Jul 2022.
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