Unemployment rate to remain at 3.3pc this year, says MIDF research

KUALA LUMPUR, June 14 — Malaysia’s jobless rate will remain under a full employment condition, with the unemployment rate averaging at 3.3 per cent in 2019, said MIDF Research today.

The research firm noted that a stable labour market was expected to impact positively on the economy, supporting private consumption as it drives the domestic economy through growing consumer optimism.

“We predict the labour market to stay on an expansion pace in tandem with industrial and external trade activities,” it said in a statement today.

Labour force growth was seen at 2.0 per cent year-on-year (y-o-y) in April 2019, its weakest gain in 17 months.

Subsequently, employment growth was recorded at 1.9 per cent y-o-y while monthly jobs added to the economy amounted to 54,600, the highest in one year.

Meanwhile, the number of unemployment increased further by 2.6 per cent y-o-y, outpacing growth in both the labour force and employment for two straight months.

“Nevertheless, the labour market remains steady as the economy is still under full-state of employment. The stable job market reflects healthy development of Malaysia’s economy and provides solid support to domestic demand,” said MIDF Research.

 Average job vacancies for the first three months of 2019 were 93,700, higher than 2018’s average of 91,300.

Most notably, the average vacancies for high and mid-skilled jobs were on the rise while low-skilled jobs were declining.

In the first quarter of 2019, the average job vacancies for senior officials, professionals and technicians were 800, 2,600 and 3,300 respectively. — Bernama

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