October jobless rate holds at 3.0%, supported by services-led hiring
Unemployment rate held steady at 3.0% in October (Sep: 3.0%), marking seventh straight month of stability and signalling a stable labour market
- The number of unemployed, however, rebounded (0.1% MoM; Sep: -0.3%) for the first time in three months.
- In absolute terms, the number of unemployed expanded slightly to 518.9k (Sep: 518.6k).
- Actively unemployed also edged up slightly to 413.8k (Sep: 413.6k).
Employment growth sustained at 0.2% MoM (Sep: 0.2%) for a fourth straight month, remaining above the 2024 MoM average (0.1%)
- By sector: The Department of Statistics (DOSM) reported steady hiring in services, underpinned by accommodation and food & beverage services, wholesale and retail trade, and information & communication. Manufacturing, construction, and agriculture sectors also saw gains. However, mining & quarrying reported a decline.
- By employment status: Mixed performance across the groups. Growth of employers slowed to 0.9% (Sep: 1.3%), but employees (0.1%; Sep: 0.1%) and own account workers
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