The unemployment rate remained at 3.2% (Oct: 3.2%) for the fourth straight month, the lowest since January 2020
Unemployment numbers fell by 0.9% MoM (Oct: -0.7%), extending a 40-month decline and the fastest pace in three months.
In absolute terms, the number of unemployed persons declined to 546.7k (Oct: 551.4k), gradually approaching the pre-pandemic level (Feb-20:
Meanwhile, the actively unemployed fell to 436.2k (Oct: 440.0k), the lowest since March 2020 (422.9k), with those unemployed for less than three months decreasing to 272.9k (Oct: 273.7k).
Employment growth steady at 0.2% MoM (Oct: 0.2%), led by continued strength in the services sector
By sector: according to the Department of Statistics (DOSM), the number of employed persons in the services sector continued to increase, mainly in wholesale & retail trade, transportation & storage activities and information & communication activities. Similarly, the number of employed in manufacturing, construction, mining & quarrying, and agriculture also expanded.
By employment status: sustained increase in employees (0.1% MoM; Oct: 0.1%), while own account workers expanded (0.4%; Oct: 0.3%) to a 17-month high. However, employers moderated (0.2%; Oct: 0.4%), while unpaid family workers continued to decline (-0.2%; Oct: -0.1%) for the second straight month.
Labour force participation rate remained at a record high (70.5%; Oct: 70.5%) for the third straight month
Labour force (0.14% MoM; Oct: 0.14%) recorded a steady expansion, adding 24.9k persons (Oct: 24.6k), reaching 17.29m persons, while those outside the labour force declined (-0.02%; Oct: -0.02%) further to 7.23m.
Lower unemployment rate recorded among advanced economies
US: fell in December (4.1%; Nov: 4.2%) driven by strong job growth and reduced job losses.
Japan: unchanged in November (2.5%; Oct: 2.4%), with job availability ratio remained at 1.25 (Oct: 1.25)
The unemployment rate is likely to settle at 3.3% in 2024 (2023: 3.4%), aligning with our forecast. We have revised the 2025 unemployment rate to 3.1% from the 3.2% projected earlier, banking on steady domestic growth
Unemployment rate averaged 3.3% in the first 11 months, with 4Q24 likely to record the lowest quarterly unemployment rate since 4Q19, signalling a return to pre-pandemic levels.
2025 Outlook: Our revised unemployment rate forecast of 3.1% for 2025 is backed mainly by a steady domestic demand growth, robust employment expansion in the services and manufacturing sectors, and the realisation of approved investments. Federal government spending, including a record RM421.0b in Budget 2025, and the expectation of higher tourist arrivals this year, ahead of the Visit Malaysia Year 2026, are expected to boost hiring.
GDP Growth: The 2024 GDP growth forecast remains at 5.0% (2023: 3.6%). Growth is projected to moderate slightly to 4.8% in 2025, reflecting the base effect and rising external uncertainties amid heightened geopolitical tensions and normalising economic activities.
Be the first to like this. Showing 0 of 0 comments
Post a Comment
People who like this
Featured Posts
MQ Trader
Introducing MY's First IPO Fund for Sophisticated Investors!
MQ Chat
New Update. Discover investment communities that resonate with your ideas
MQ Trader
M & A Value Partners IPO Equity Fund has been launched - Targeted 13% Return p.a
Latest Videos
0:17
New IPO: ES Sunlogy Berhad, a provider of mechanical and electrical (M&E) engineering services and renewable energy solutions, aims to list on the ACE Market!
MQ Trader 894 views | 6 d ago
0:17
New IPO: Techstore Berhad, an IT security and automation solutions provider, aims to list on the ACE Market!
MQ Trader 823 views | 8 d ago
0:17
New IPO: Richtech Digital Berhad, a distributor of electronic reloads and digital payment solutions, aims to list on the ACE Market!
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....