January unemployment holds at 3.1%, lowest in a decade
The unemployment rate remained unchanged for the second straight month at 3.1% in January (Dec 24: 3.1%), in line with the house forecast
- Unemployment fell 0.9% MoM (Dec 24: -1.5%), albeit at a slower pace than the previous month.
- The number of unemployed dropped to 533.8k (Dec 24: 538.5k), nearing pre-pandemic levels (Feb-20: 525.2k).
- Meanwhile, the actively unemployed fell to 423.6k (Dec 24: 432.8k), the lowest since March 2020 (422.9k).
Employment growth rebounded by 0.3% MoM (Dec 24: -0.7%) driven by steady hiring in the services sector
- By sector: according to the Department of Statistics (DOSM), services sector saw steady growth, mainly in accommodation, food & beverage, wholesale & retail trade, healthcare and social work activities. Manufacturing, construction, agriculture and mining & quarrying sectors also showed positive hiring trends.
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