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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