Kenanga Research maintained its average unemployment rate forecasts at 3.5% in 2023 and 3.3% in 2024.
Kenanga Research, for one, noted that the labour market had shown resilience in recent months despite the ongoing global economic slowdown, with the unemployment rate remaining stable at 3.4% in August 2023. Kenanga Research maintained its average unemployment rate forecasts at 3.5% in 2023 and 3.3% in 2024, as compared to actual jobless rates of 3.8% in 2022 and 4.6% in 2021.Data from the Statistics Department showed the labour market had remained on a recovery trajectory in August 2023, with the unemployment rate steady at 3.4% for the third consecutive month.
Hong Leong Investment Bank Research said Malaysia’s labour market was anticipated to continue its recovery, backed by continued growth in the domestic economy. Noting that the unemployment rate in August was near pre-pandemic levels of 3.3%, TA Research said the positive trend in Malaysia’s labour market was a clear indication of the country’s gradual economic recovery, which had been significantly aided by government initiatives such as wage subsidies and job placement programmes.
TA Research said if the positive trend continued, unemployment rate would sustain at the current rate until year end. On average, it projected the jobless rate for 2023 to be 3.4%.