Bimb Research Highlights

Economics - Labor market continued to recover in March

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Publish date: Mon, 10 May 2021, 05:01 PM
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Bimb Research Highlights
  • Unemployment rate improved to 4.7% in March
  • The number of unemployed persons dropped by 24.4k to 753.2k in March
  • Total labor force changed with additional 34.3k persons to 16.08 million
  • Labor force participation rate increased slightly to 68.6%
  • Rising COVID-19 infections could hamper the job market recovery

Employed persons improved by 0.4% mom or 58.7k persons to 15.33m persons in March 2021 for the fourth straight month. Similarly, year-on-year comparison, the indicator returned to positive growth after 11 months of decline whereby the number of employed persons rose 0.6% during the month. The employment-to population ratio which indicates the ability of an economy to create employment went up 0.2 percentage points to 65.4%. Year-on-year, the employment-to population ratio dropped by 0.6 percentage points from 66.0%.

The unemployment rate improved to 4.7% in March as compared to the previous month. The number of unemployed persons declined by 3.1% or 24.4k persons to register 753.2k unemployed persons. The unemployment rate for March was higher by 0.8 ppt year-on-year, with the number of unemployed persons registering an additional of 142.7k persons.

The labor force participation rate (LFPR) slightly changed to 68.6%, up by 0.1 ppt compared to previous month. Meanwhile, the number of labor force changed over the month with an additional of 34.3k persons to record 16.08m persons. Year-on year comparison, the number of labor force improved by 239.6k persons (Mar’20: 15.8m persons). In the meantime, when compared to the same month of the preceding year, the LFPR remained unchanged (Feb’20: 68.6%).

Source: BIMB Securities Research - 10 May 2021

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