Malaysia: Unemployment ticked lower in January – UOB – by pabspiovano Malaysia Employment Banks
Senior Economist Julia Goh and Economist Loke Siew Ting at UOB Group comments on the recent publication of the labour market report in Malaysia.“Malaysia’s labour market started the year of 2023 with marginal improvement. The nation’s unemployment declined for the 18th consecutive month by 3.5k or 0.6% m/m to 596.1k in Jan while the labour force expanded for the 19th month in a row by 25.4k or 0.2% m/m to a fresh record high of 16.8mn.
“We expect Malaysia’s labour market to maintain its softer recovery momentum this year, supported by various government initiatives to create and retain job opportunities as well as to raise the people’s income amid a moderate domestic growth. Lingering global uncertainty and cautious business sentiment amid still high business operating costs are key deterrents to a stronger and faster improvement in the labour market at this juncture. We reiterate our year-end unemployment rate forecast of 3.
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