MALAYSIA’S UNEMPLOYMENT RATE BACK TO PRE-PANDEMIC LEVEL OF 3.3 PCT IN NOV 2023

Chief Statistician Datuk Seri Dr Mohd Uzir Mahidin stated that the November figures indicate positive economic growth, with a continuous increase in employed persons and a decline in unemployment.

“The labour force in November 2023 increased by 0.2 per cent month-on-month to 17 million persons  from 16.97 million persons in October,” he said in a statement.

The number of employed persons in November rose by 0.2 per cent, totalling 16.43 million people compared to October’s 16.40 million. Concurrently, the number of unemployed individuals decreased by 0.3 per cent to 569,200.

Of the employed persons, 75.3 per cent were in the employees’ category, showing a slight increase of 0.1 per cent to 12.37 million individuals. Own-account workers also increased by 0.3 per cent to 2.99 million.

Employment in the services sector, particularly in information and communication, food and beverage services, and transportation and storage activities, saw growth.

Similarly, the manufacturing, construction, and mining and quarrying sectors also reported increases in employed persons in November 2023, while the agriculture sector recorded a decline.

Mohd Uzir highlighted that actively unemployed individuals seeking jobs comprised 79.9 per cent of total unemployed persons, dropping by 0.6 per cent to 454,500 individuals. For actively unemployed individuals, 61.8 per cent were unemployed for less than three months, and 6.3 per cent faced long-term unemployment for over a year.

Despite global challenges, Malaysia’s diversified economic structure and strong fundamentals contributed to stable economic growth. The upcoming holiday season is expected to further boost the economy, especially in tourism activities.

Regarding the floods in 2023, Mohd Uzir mentioned that while they impacted several states in Malaysia, the situation is unlikely to significantly affect the overall labour market, as they are seen as affecting the local area.

The country’s labour market is anticipated to remain robust in the coming months, aligned with the nation’s growing economic performance.– BERNAMA