In December, the number of unemployed persons decreased to 567,800, resulting in an unemployment rate of 3.3%, according to the latest Labour Force statistics from the Statistics Department Malaysia. This was a decrease from the 569,000 unemployed individuals in November.
Chief Statistician Datuk Seri Dr Mohd Uzir Mahidin mentioned that the December figures indicate the stability of the nation’s economic foundations, driven by a continuing growth in economic and social activities.
“The labour force in December increased by 0.1% month-on-month to 17.03 million persons from 17 million persons in November, resulting in a higher labour force participation rate (LFPR) of 70.2% compared to 70.1% in November 2023,” he said in a statement on Saturday (Feb 9).
The number of employed people in December rose by 0.2% to 16.46 million, compared to November’s 16.43 million, while the number of unemployed individuals dropped by 0.2% to 567,800.
Regarding the employment situation, Mohd Uzir mentioned that 75.2% were in the employees’ category, marking a slight increase of 0.1% to 12.38 million individuals.
“Similarly, the rising trend was also seen in the own-account workers category, which increased by 0.3% to 3.0 million persons,” he said.
Employment in the services sector, particularly in information and communication, food and beverage services, and transportation and storage activities, continues to record a rise.
A similar trend was also observed in the manufacturing, construction, mining and quarrying, while the agriculture sector declined.
He also highlighted that the unemployment rate for youth aged 15 to 24 stood at 10.6%, with 307,200 unemployed youths. Meanwhile, the unemployment rate among youth aged 15 to 30 years dropped by 0.1% points to 6.4%, registering 432.1 thousand unemployed youths
In terms of the unemployment rate and the LFPR by state, Putrajaya was reported as having the lowest unemployment rate, at 1.5%, during the fourth quarter of 2023 across all states, followed by Perlis and Penang, at 2.0%.
In conclusion, Malaysia’s labour market may gain a positive impact in line with its healthier economic prospects in 2024, supported by increased foreign direct investment (FDI), growing tourism, and higher infrastructure spending. – Bernama
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