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Financial News: Malaysia Industrial Production, Jobless Rate Rises

Malaysia Industrial Production, Jobless Rate Rises

02/07/2021 - 23:39:00 (RTTNews)

(RTTNews) - Malaysia's industrial production recovered in December and unemployment rate rose marginally, data from the Department of Statistics showed on Monday.

Industrial production accelerated 1.7 percent year-on-year in December, after a 2.2 percent decrease in November. Economists had expected a 0.5 percent decline.

The growth in production was mainly driven by a rise in production of manufacturing industry.

Manufacturing output gained 4.1 percent yearly in December, following a 2.0 percent increase in the previous month.

Among other sectors, the mining and quarrying output decreased 5.4 percent and electricity output fell 0.2 percent.

On a monthly basis, industrial production rose 4.7 percent in December.

In the fourth quarter, industrial production fell 0.3 percent yearly.

In 2020, industrial production declined 4.2 percent compared to previous year.

Separate data from the statistical office showed that the jobless rate rose to 4.8 percent in the fourth quarter from 4.7 percent in the previous quarter.

The number of unemployed persons increased to 760,700 in the fourth quarter from 745,200 in the third quarter.

The number of employed rose to 15.162 million from 15.096 million in the third quarter.

The labor force participation rate rose marginally to 68.5 percent in the fourth quarter from 68.4 percent in the prior quarter.

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