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Malaysia unemployment rate 3.5% in May-23

- Malaysia's unemployment rate held steady at 3.5% in May-23, suggesting a stable labor market.
- The current unemployment rate is slightly lower than both the one-year and long-run averages, indicating improved employment conditions and labor market resilience.

Bank Negara Malaysia: Jul-23

• The Monetary Policy Committee (MPC) of Bank Negara Malaysia has maintained the Overnight Policy Rate (OPR) at 3.00 percent, indicating a slightly accommodative monetary policy stance amid an evolving macroeconomic environment.
• Robust domestic demand drives the Malaysian economy's growth, counterbalanced by challenges such as slowing external demand and uncertainties in global economic growth. Promising sectors like tourism and infrastructure development offer potential upside risks to the growth outlook.
• While headline inflation eases, core inflation remains persistently high. Multiple factors, including domestic policy changes and global commodity price fluctuations, could significantly influence the future inflation trajectory.

Malaysia money supply 3.2% y-o-y in May-23

- Malaysia's money supply growth rate in May-23 declined to 3.2% year-on-year, marking the lowest growth rate since November 2019.
- The current growth rate is 1.65 percentage points below the one-year average and 9.09 percentage points below the long-run average, indicating a significant slowdown in monetary expansion.

Malaysia CPI inflation 2.84% y-o-y (consensus 3.0) in May-23

- Malaysia's CPI inflation in May 2023 stood at 2.84% year-on-year, slightly below the consensus forecast of 3.0% and indicating a decrease from the previous month.
- The May 2023 figure represents the lowest growth in CPI inflation since May 2022, suggesting a relatively lower inflationary pressure in the economy.