November’s employment data shows the Malaysian economy adding 165k jobs, the first increase since July’s bumper crop (‘000):
Unemployment dropped by about 36k at the same time. As such, the unemployment rate fell from a year high of 3.2% to 2.9%:
How much of this “improvement” you want to rely on depends on how strong you view the seasonal factor involved – it looks very much like the August-October numbers were a bit of an aberration and unemployment has just fallen back to its “normal” value of between 3.0%-3.2%.
With any luck, we should be seeing a little less volatility going forward, though given the noise in this series, I wouldn’t want to bet on it.
November 2012 Employment Report from the Department of Statistics (warning: pdf link)