KUALA LUMPUR (Dec 8): The number of unemployed persons in Malaysia in October 2023 decreased 0.5% to 570,999 persons, while the unemployment rate remained at 3.4% compared to September 2023, said the Department of Statistic Malaysia (DOSM).
According to Chief Statistician of Malaysia Datuk Seri Mohd Uzir Mahidin, the labour market in October 2023 has further strengthened, reflecting the encouraging current economic activities, with a continuous increase in the number of employed persons, while unemployment is declining.
Mohd Uzir said the labour force increased by 0.1% to 16.97 million persons, with a labour force participation rate of 70.1 %. The number of employed persons also rose by 0.2% to 16.40 million persons, with the majority being employees (75.3%) and own-account workers (18.2%).
Notably, the number of persons outside the labour force, who were neither working nor looking for work, decreased slightly by 0.02% to 7.24 million persons, by which the reason for being outside the labour force was due to housework or family responsibilities (42.6%) and due to schooling or training (40.9%).
“There is a consistent increase in the number of employed persons in the services sector, notably in wholesale and retail trade, food and beverage services, and transportation and storage activities,” Mohd Uzir said.
“On the same note, the manufacturing, construction, mining and quarrying sectors, as well as the agriculture sector, also posted rises in the number of employed persons in October 2023,” he added.
Commenting on the unemployment data, Mohd Uzir said among the actively unemployed, 61.6% were unemployed for less than three months, while 6.2% were in long-term unemployment for more than a year.
Meanwhile, those inactively unemployed, i.e. who believed that there were no jobs available, declined by 0.9% to 113,800 persons.
In addition, the youth unemployment rate for those aged 15 to 24 years stood at 10.7%, representing 313,300 unemployed youth. Meanwhile, unemployed youth aged 15 to 30 years stood at 6.6% or 439, 600 persons.
Mohd Uzir added that the country’s labour force was expected to maintain steady growth momentum in the near term, supported by the increasing business confidence, domestic demand, tourism activities and infrastructure projects, which may create more job opportunities.