Employment Growth Surged to A New Record High

Unemployment continued to contract for 6-consecutive months while the employee segment which represent 76.2% of total employment grew modestly by +1.5%yoy

Employment Growth Surged to A New Record High
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Malaysia’s labour market remained firm as jobless rate stayed at 3.90%, lowest since Mar-20 while labour force and employment expanded strongly, +2.7%yoy and +3.4%yoy in May-22, the highest expansion rate ever registered.

Unemployment continued on contractionary form of double-digit rate for 6-consecutive months.

However, robust growth in employment were notably driven by employer (+8.9%yoy), self-account worker (+9.4%yoy) and unpaid family workers (+11.6%yoy).

Employee segment which represent 76.2% of total employment grew modestly by +1.5%yoy (Apr-22: +1.5%yoy).

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Employment opportunities

Job vacancies signal sanguine outlook, says MIDF in its report.

Number of job vacancies remain strong, 460.8K, slightly lower than record high seen in Feb-22. This reflects strong recovery in domestic economic activities fuelled by reflation in local demand and continuous expansion in external sector.

Underpin by domestic reopening and strong economic fundamentals, Malaysia’s unemployment rate is projected to trend lower this year to 3.8% in 2022 from 4.6% in 2021.

"However, the projected jobless rate is still higher than pre-pandemic’s 3.4%. Employment growth forecasted at +2.5% (2021: +2.0%) while unemployment to shrink by -15.0% this year (2021: +3.0%). As of 5MCY22, employment growth at +3.0%yoy and unemployment fell by -12.6%yoy," MIDF says.