Employment growth remained on robust trend. Recovery of Malaysia’s labour market continued as jobless rate descended to a new pandemic low 3.7% in Jul-22.
Underpinned by robust domestic demand and external trade sector, labour force and employment growth hit new record high +3.3%yoy and +4.5%yoy respectively. Unemployment dropped further by -20.2%yoy, the largest contraction rate ever recorded, says MIDF.
Total vacancies hit new record high. Number of job vacancies surged to new peak at 508K. This reflects strong recovery in domestic economic activities fuelled by robust local demand and continuous expansion in external sector.
Better take-up by high-skilled occupation such as Legislators etc., Professionals and Associate Professionals.
Jobless rate forecast maintained at 3.8% for 2022. Labour market in Malaysia is expected to strengthen further in 2HCY22 underpinned by upbeat momentum in domestic economy and steady expansion in external sector.
Underpinned 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%.