KUALA LUMPUR (Jan 9): Malaysia’s jobless rate fell to its lowest in more than a decade in November as the number of people hired rose amid a steadily expanding labour force, official data showed.

The unemployment rate in November was 2.9%, the Department of Statistics Malaysia (DOSM) said in a statement on Friday. Economists generally consider a 3% unemployment rate as the economy having full employment.

Malaysia’s labour market is expected to remain stable and continue to grow in the coming months, with new job opportunities emerging in “strategic industries”, said chief statistician Datuk Seri Dr Mohd Uzir Mahidin.

During the month, the number of unemployed persons decreased slightly to 518,400 persons. The labour force, meanwhile, expanded by 0.2% to 17.61 million persons. The labour force participation rate, the proportion of persons employed or looking for work, was steady at 70.9%.

The employee category, comprising the majority of the workforce, was a tad higher at 12.78 million persons. Own-account workers — people who operate their own farm or business, or engage in full-time trade without hiring paid employees — gained 0.3% to 3.26 million persons.

Most major economic sectors showed a steady rise in the number of employees.

In terms of age groups, unemployment among youths — those between 15 and 24 years old and just entering the labour market following education — was little changed at 10.1%, or about 297,900 people.