Malaysia unemployment rate to remain pressured as downside risks remain, says Kenanga
NST Business
KUALA LUMPUR: Malaysia's labour market is expected to remain pressured in the near term on the back of surging Covid-19 cases and the reimposition of nationwide Movement Control Order (MCO 3.0) from May 12 by full lockdown until June 14.
Kenanga Investment Bank Bhd said the impact is expected to be less severe than the MCO 1.0 as more sectors are allowed to resume operation and continued support from government measures.
This is reflected in the latest data from MyFutureJobs as the number of loss of employment (LOE) eased to 3,724 in May this year compared to 4,963 in April despite surging Covid-19 infections.