Unemployment rate holds at 3.1% in March, hiring picks up
The unemployment rate remained unchanged for the fourth straight month in March at 3.1% (Feb: 3.1%), in line with the house forecast
- Unemployment fell 0.6% MoM (Feb: -0.2%), the fastest pace in two months.
- In absolute terms, the number of unemployed fell to 529.6k (Feb: 532.8k), nearing pre-pandemic levels (Feb-20: 525.2k).
- The actively unemployed fell to 420.7k (Feb: 422.7k), the lowest since February 2020 (343.2k).
Employment growth sustained at 0.3% MoM (Feb: - 0.3%) for the third straight month
- By sector: according to the Department of Statistics (DOSM), most jobs were in the services sector, particularly in accommodation and food & beverage services, information & communication and professional, scientific & technical activities. Manufacturing, construction, agriculture and mining & quarrying sectors also saw increased hiring.
- By employment status: employees and own account workers remained steady (0.2% and 0.6%, respectively; Feb: 0.2% and 0.6%, respectively). Employer growth slowed to 0.4% (Feb: 0.7%). Meanwhile, unpaid family workers fell for the third straight month (-0.3%; Feb: -0.2%).
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