Malaysia's employment market resilient, says HLIB

KUALA LUMPUR: According to Hong Leong Investment Bank (HLIB), Malaysia's job market is anticipated to remain stable due to ongoing exports, consistent domestic demand, and supportive fiscal policies. While June's data indicated cautious employer hiring, job vacancy figures suggest robust labor demand. Unemployment rose at a faster rate month-over-month but declined slightly year-over-year, maintaining an unemployment rate of three percent.

Perkeso reported an increase in layoff cases to 9,000 in July, with the majority coming from wholesale and retail trade, manufacturing, and construction sectors. Following the June 30 approval of Section 45F of the Employment Insurance System Act, job vacancies more than doubled. Despite geopolitical tensions, HLIB remains optimistic about the continued strength of the labor market driven by exports, domestic demand, and fiscal support.