BIMB Securities said it foresees challenges for the labour market to continue recovering in the coming months, as businesses may hold back hiring on concerns about weaker domestic demand and sales outlook.
“The labour market will continue to face uncertainties and the near-term labour market outlook is expected to remain dim as the third wave of the pandemic prolongs. However, BIMB said with businesses allowed to operate according to the standard operating procedures , it expects labour demand to continue growing going forward, as the weak demand condition would eventually improve with sentiment improving in view of the availability of vaccines.
“The initiatives by the government are set to provide support to the hardest-hit groups and sectors, and also to sectors likely to be able to generate numerous jobs quickly, ” it added.