Almost 35,000 Malaysians lost their jobs in 2017, says Ministry

Almost 35,000 Malaysians lost their jobs in 2017, says Ministry

While retrenchments of 35,000 persons in 2017 is still above the long-run average* of 30,000 persons, labour market conditions in 2017 has improved with an employment growth of 2.1%, three times higher than in 2016 (0.7%).

According to the Ministry of Human Resources, almost 35,000 Malaysians lost their jobs in 2017, while another 1,065 were laid off in January 2018.

screen shot of the article on FMT

Source:
Free Malaysia Today, 2 April 2018
http://www.freemalaysiatoday.com/category/nation/2018/04/02/almost-35000-malaysians-lost-their-jobs-in-2017-says-ministry/

Additional Fact

While retrenchments of 35,000 persons in 2017 is still above the long-run average* of 30,000 persons, labour market conditions in 2017 has improved with an employment growth of 2.1%, three times higher than in 2016 (0.7%).

This translates to net employment gains of 295,000 persons (2016: 96,000 persons), which is a proxy for job creation in Malaysia. Net employment change (gain or loss) refers to the difference between employment levels in one period compared to the preceding period, be it month, quarter or year. In January 2018, employment recorded a net gain of 30,400 persons from December 2017.

*The long run average is the average annual layoffs from 2000-2016, excluding the period of the Global Financial Crisis (2008-2009)

Sources:
Ministry of Human Resources; Bank Negara Malaysia’s (BNM) estimations using Labour Force Survey data released by the Department of Statistics, Malaysia

DOSM: Key Statistics Of Labour Force In Malaysia, January 2018

Bank Negara Malaysia Annual Report 2017

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