Malaysia: Unemployment ticked lower in March – UOB

The jobless rate in Malaysia eased to 4.7% in March and is seen around 4.0% by year-end, suggested Senior Economist at UOB Group Julia Goh and Economist Loke Siew Ting.

Key Quotes

“The nation’s unemployment rate moderated for the second straight month to 4.7% in Mar (from 4.8% in Feb). It was mainly due to the relaxation of COVID-19 containment measures during the month. The number of unemployed people reduced by 24.3k or 3.1% m/m to 753.2k (Feb: -5k or -0.6% m/m to 777.5k), while the labour force participation rate rose to a one-year high of 68.6% (Feb: 68.5%).”

“Total employment gained the most in seven months by 58.7k or 0.4% m/m to 15.33m persons (Feb: +33.3k or +0.2% m/m to 15.27m). It was primarily lifted by the continued hiring in services, manufacturing and construction sectors amid encouraging signs of turnaround in selected economic activities while the domestic vaccine program is being rolled-out. Meanwhile, employment in the agriculture and mining & quarrying sectors remained on a downtrend.”

“Despite signs of stabilisation in the labour market since late 2020, the retightening of Movement Control Order (MCO 3.0) in targeted areas this month is expected to pose short-term hurdles to the nascent recovery of the labour market over the next few months. Given that most economic sectors are allowed to operate, with ongoing support from the government’s hiring and upskilling initiatives, this will help prevent a steeper fallout on employment. We reiterate our 2021 year-end unemployment rate forecast of 4.0% (BNM forecast: 4.0%-5.0%; end-2020: 4.8%).”

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news

GME stock positioned for another short squeeze

Get the full analysis and chart in our Insights. Upgrade to Premium today    

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD loses 1.21 as the dollar extends its gains

EUR/USD has dipped below 1.21, some 70 pips down on the day as the dollar recovers alongside Treasury yields. US Consumer Sentiment beat estimates with 86.4 points. 


GBP/USD retreats amid UK GDP miss, reopening concerns

GBP/USD is hovering around 1.4150, down on the day. UK GDP missed with 2.3% in April and a four-week delay to Britain's reopening is speculated. The greenback is gaining some ground.


XAU/USD drops back below $1900, as US dollar rebounds ahead of data

Gold price has retraced below the $1900 mark once again, having tested Tuesday’s high near $1903. The latest leg down in gold price comes on the back of a tepid bounce staged by the US dollar, as the Treasury yields trim losses across the curve.

Gold News

Ethereum price prepares for a bullish weekend, targeting $3,000

Ethereum price seems prime to revisit $3,000. Although ETH faces resistance at $2,300, the upswing seems imminent. A downswing below $2,000 could invalidate the bullish thesis. 

Read more

Hot Inflation is warming the seat for the June FOMC

Americans are seeing the fastest price increases since their seventh-graders were born as inflation builds into the US economy from the disruptions of the pandemic lockdowns. Core CPI at 3.8% is the steepest gain in 29 years.

Read more