Malaysia’s jobless rate seen rising to 3.1% in 2015

  • Business
  • Saturday, 27 Jun 2015

KUALA LUMPUR: Maybank Investment Bank Research expects Malaysia’s unemployment rate to average higher at 3.1% for 2015 from the 2.9% last year.

It said yesterday the total number of retrenched workers had been rising on-year since the third quarter of 2014.

“Retrenchment in the oil and gas sector, while small, has been on the uptrend since the second half of 2014 and accelerated in the first quarter of 2015, coinciding with the period when crude oil price plunged,” it said.

Maybank Research said at the same time, services industries like finance, insurance, real and business services and transport, storage and communications also showed an upward trend.

The unemployment rate in April 2015 stayed at 3% as the number of jobless fell slightly to 429,000 from 430,800 in March 2015, although this was up 5.4% from a year ago when jobless rate was 2.9%.

However, the seasonally adjusted unemployment rate edged up to 3.1% versus 3% in March 2015. It pointed out the jobless rate was relatively stable as the rise in total labour force (2.1% on-year; flat on-month) was matched by growth in employment (2% on-year; 0.1% on-month).

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