KUALA LUMPUR, Dec 10 (NNN-BERNAMA) – Malaysia’s unemployment fell to its lowest level, since the COVID-19 pandemic, in Oct, reaching 602,000 persons, official data showed.
The unemployment rate in Oct remained at 3.6 percent, 0.3 percentage points higher than the pre-pandemic level of 3.3 percent, in Feb, 2020, the Department of Statistics Malaysia (DOSM), said in a statement.
According to the DOSM, the optimistic labour force performance in Oct reflected the nation’s steady economic fundamentals, resulting from continuously growing economic activities.
It was coupled with ongoing policy support, to buffer the impact of the rising cost of living and reduce the negative risks associated with lingering geopolitical unrest, and tightening external financial conditions.
Furthermore, domestic and international tourism was boosted by increasing tourist arrivals in many countries, including Malaysia, and the increasing momentum of economic activities contributed by the current economic situation.
Therefore, the number of labour force continued to expand in Oct, with a month-on-month increase of 0.2 percent, to record 16.68 million people, whereas the labour force participation rate stood at 69.7 percent.
Due to optimistic economic and business performance forecasts, the DOSM expected the labour market to be better, whereby more labour will be recruited to accommodate the economy and business needs.
“As a result, more labour demand and supply opportunities will emerge in the market, bolstering the labour market’s positive momentum in the coming months,” it said.– NNN-BERNAMA