According to the Labour Force statistics from the Statistics Department Malaysia (DOSM), Malaysia’s unemployment rate held steady at 3.3% in February 2024, with 567,000 individuals categorized as unemployed.
Datuk Seri Dr Mohd Uzir Mahidin, the Chief Statistician, stated that the country’s labour force situation remained stable in February, with a positive trend in employment numbers and a slight decrease in the number of unemployed individuals.
There was an increase in the number of workers in February, with a 0.1% rise to 17.07 million compared to 17.05 million in January 2024.
The labour force participation rate in February was recorded at 70.2%, similar to the previous month.
Employment numbers also saw a rise, with a 0.2% increase to 16.51 million persons compared to 16.48 million in January 2024.
The number of unemployed individuals showed a marginal decline of 0.1%, totaling 567,000 in February compared to 567,300 in January, maintaining the 3.3% unemployment rate.
Out of the total employed individuals, 75.2% were categorized as employees, with a slight increase to 12.41 million persons compared to the previous month.
The own-account workers category also saw an increase of 0.3%, totaling 3.02 million persons in February.
Within the economic sector, the Services sector experienced a rise in employment numbers, particularly in wholesale and retail trade, food and beverage services, and transportation and storage activities.
Other sectors such as manufacturing, construction, mining, quarrying, and agriculture also showed an increase in employed persons in February 2024.
Dr Mohd Uzir mentioned that with the stable economic situation in the country, most sectors are expected to expand in 2024, with services and manufacturing leading the growth.
There is a growing demand for professionals in business and administration services, as companies adopt e-commerce platforms, utilize social media for marketing, implement data analytics for efficiency, and embrace automation and digital systems.
Furthermore, strong domestic demand, particularly during festive seasons, is anticipated to support hiring activities in the near future.
It is predicted that the labour market will continue to grow in the coming months, driven by the increasing demand for employment as the economy progresses. – Bernama
