11-5-2024 (KUALA LUMPUR) Malaysia’s unemployment figures continue to paint a promising picture, with official data released on Friday revealing a further decline to 566,600 unemployed individuals in March. This decrease accompanies a notable drop in the unemployment rate, now resting at 3.3 percent, as reported by the Department of Statistics Malaysia (DOSM).
The DOSM’s statement highlighted March’s favourable economic climate as a catalyst for sustaining growth within the country’s labour market. March saw the bolstering of the labour force by 0.1 percent compared to the previous month, reaching a total of 17.10 million individuals.
A notable metric, the labour force participation rate (LFPR), also experienced a positive trajectory, rising by 0.1 percentage points month-on-month to 70.3 percent. This uptick indicates increased engagement within the labour market.
Simultaneously, the number of employed persons continued its upward trajectory, marking a 0.1 percent increase from the previous month to a total of 16.53 million individuals.
The first quarter of 2024 retained the unemployment rate at 3.3 percent, mirroring the figures from the last quarter of 2023. However, there was a notable decrease in the number of unemployed individuals, dropping by 0.7 percent quarter-on-quarter to 561,100 persons.
Throughout the quarter, the labour force witnessed growth, rising by 0.3 percent to 16.96 million individuals. This growth was also reflected in the LFPR, which increased by 0.1 percent to 70.2 percent. Additionally, the number of employed persons saw a modest increase of 0.3 percent, reaching 16.40 million individuals during the quarter.
Looking ahead, the DOSM foresees a positive outlook for Malaysia’s labour force in the coming months, citing confidence in the economy. “A favourable economic landscape within the country is expected to stimulate increased business activity, resulting in the creation of new job opportunities and enhanced income prospects,” stated the DOSM.
