10-1-2024 (KUALA LUMPUR) Recent official data from the Department of Statistics Malaysia (DOSM) reveals a significant improvement in Malaysia’s labor market, with the unemployment rate dropping to 3.3 percent in November. This marks a return to pre-pandemic levels and signifies positive economic growth.
As of November 2023, the DOSM reports that 569,200 individuals were unemployed, reflecting a notable decline. The robust performance of the labor force is indicative of the nation’s economic resurgence, characterized by a consistent rise in employment and a concurrent decrease in unemployment figures.
The total labor force in November 2023 experienced a month-on-month increase of 0.2 percent, reaching 17 million individuals. The labor force participation rate remained steady at 70.1 percent, mirroring the previous month’s statistics.
The positive trend continued in the employed persons category, witnessing a 0.2 percent month-on-month rise, culminating in a total of 16.43 million employed individuals for November 2023.
The DOSM remains optimistic about the country’s labour market, projecting sustained strength in the upcoming months. This optimism aligns with Malaysia’s overall economic performance, reflecting resilience and recovery post-pandemic. As the nation navigates its path to economic revitalization, the labor market’s steadfastness plays a crucial role in shaping a promising future for Malaysia.
