PETALING JAYA: Malaysia’s labour market remains robust with employment expanding across all sectors, while the unemployment rate held steady at 3.3% for the seventh consecutive month in May.
The labour market’s stable condition is set to support private consumption more so with civil servants set to enjoy wage increments this December and fresh withdrawals from the Employees Provident Fund’s new Account 3, according to Hong Leong Investment Bank (HLIB) Research.The research house, however, warned that consumers might be more cautious on their spending plans going forward, awaiting further fuel subsidy reforms by the government.
