KUALA LUMPUR (Oct 10): The number of unemployed persons declined 0.3% to 577,300 in August from 579,200 in the previous month as the market remained stable while the labour force steadily increased, according to the Department of Statistics Malaysia (DOSM).

The unemployment rate was unchanged for the third consecutive month at 3.4%. In May, the rate was 3.5%.

In a statement, chief statistician Datuk Seri Dr Mohd Uzir Mahidin said the number of employed persons increased 0.1% to 16.35 million persons, from 16.34 million persons in July. 

“The number of labour force in August 2023 improved further, with a 0.1% increase month-on-month [m-o-m] to 16.93 million persons (July 2023: 16.91 million persons). August’s labour force participation rate stood at 70.1% [which is the same as July's],” he said. 

About 75.4% of all employed persons were categorised as employees. The number of people in this category increase to 12.32 million from 12.31 million. Meanwhile, the number of self-employed persons increased by 0.3% from 2.96 million to 2.97 million.

According to Mohd Uzir, the country’s near-term economic outlook is expected to improve modestly, given the uncertain global economic outlook. 

“In addition, stable domestic demand, improving tourism activities, a thriving services sector, and supportive economic policies are expected to continue to support economic growth in the second half of 2023. Thus, the country's labour market position is anticipated to experience moderate growth in the coming months, considering challenges in the economy,” he added.