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Financial News: Malaysia Industrial Production Surges; Jobless Rate Remain

Malaysia Industrial Production Surges; Jobless Rate Remain Stable

01/10/2022 - 01:39:00 (RTTNews)

(RTTNews) - Malaysia's industrial production growth strengthened in November and the unemployment rate remained unchanged, data from the Department of Statistics showed on Monday.

Industrial production rose 9.4 percent year-on-year in November, following a 5.5 percent increase in October. Economists had expected a 7.3 percent growth.

The growth in production was mainly driven by a rise in production in manufacturing industry, mining and electricity.

Manufacturing output grew 11.3 percent yearly in November, following an 8.0 percent increase in the previous month.

Among other sectors, the mining and quarrying output gained 3.7 percent and electricity output rose 5.1 percent.

On a monthly basis, industrial production rose 0.9 percent in November.

Separate data from the statistical office showed that the jobless rate was 4.3 percent in November, same as seen in October.

The number of unemployed persons decreased to 694,400 in November from 705,000 in the previous month.

The number of employed rose to 15.61 million from 15.55 million in October.

The labor force participation rate rose to 68.9 percent in November from 68.8 percent in the prior month.

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