Unemployment rate down to 3.3%
Published on: Friday, March 08, 2024
By: FMT
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The statistics department says the labour market will remain stable in the foreseeable future, driven by a resilient domestic economy. (Bernama pic)
PETALING JAYA: Unemployment dropped to 567,300 people or 3.3% in January from 3.4% in December, the statistics department said.
It said the economic situation in Malaysia appeared to be steady, with higher domestic demand anticipated as a result of January’s inflation decreases, a robust job market, and supportive financial positions.
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“The increase in tourism activities may improve economic activities, thus leading to various businesses and job opportunities as well,” it said in a statement.
“The labour market in Malaysia is anticipated to improve and remain stable over the next few months, driven by a resilient domestic economy.”
Employees constituted 75.2% of employed people in January, a marginal increase of 0.1% to 12.39 million people from 12.38 million in December.
“On the same note, the own-account workers category continued its increasing trend during the month, rising by 0.3% to 3.01 million people from three million in December 2023,” it said.
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The department said the services sector saw an upward trend, especially in wholesale and retail trade, food and beverage services, and transportation and storage activities.
Chief statistician Uzir Mahidin said 79.8% of the total unemployed people were actively unemployed, or available for work and actively seeking jobs.
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The unemployment rate for those aged 15 to 24 years stood at 10.6%, or 306,800 people, while those aged 15 to 30 years had a rate of 6.7%, with 439,700 unemployed.
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