• Employment up by 2.5% yoy to reach new high of 14.941m

• The number of unemployed persons increased sharply by 2.2% yoy to 516,000

• Labor force rose by 2.5% yoy to 15.460m

• Labor force participation rate slightly lower at 68.4%

• Unemployment rate maintained at 3.3% for the third consecutive month

• Labor market to remain strong in 2019 with a downside risk of further US-China trade friction

Employment up 2.5% yoy to 14.94m in November, marginally higher than 2.4% yoy growth in the previous month. Meanwhile, on monthly basis it grew by 0.03%, the slowest growth since Oct’16. Despite the slower growth, the number of employed persons in November reached a new high of 14.94m persons. Job added in November were recorded at 4.2k, lower than 10.6k registered in a month before. On the other hand, the number of unemployed increased sharply by 2.2% yoy to 516,000 in November. It was the highest unemployment in almost two years (Jan’17: 2.5%).

Nonetheless, labour force rose by 2.5% yoy to 15.46m in November from 2.4% in October. The labour force participation rate was at 68.4% in November and slightly lower than the previous month’s rate at 68.5%. However, the unemployment rate remained unchanged at 3.3% yoy in November.

Source: BIMB Securities Research - 15 Jan 2019