Unemployment dropped to 567,800 individuals in December, says statistics department

PUTRAJAYA: The number of unemployed persons in December dipped to 567,800 (November 569,000 unemployed), with an unemployment rate of 3.3%, according to the latest Labour Force statistics from the Statistics Department Malaysia.

Chief Statistician Datuk Seri Dr Mohd Uzir Mahidin stated that the December figures indicate the nation’s stable economic foundations, driven by a continuing growth in economic and social activities.

“The labour force in December kept increasing by 0.1% month-on-month to 17.03 million persons from 17 million persons in November, recording a higher labour force participation rate (LFPR) of 70.2% (November 2023: 70.1%),” he said in a statement on Saturday (Feb 9).

The number of employed people in December rose by 0.2% to 16.46 million, compared to 16.43 million in November, while the number of unemployed individuals dropped by 0.2% to 567,800.

On the employment situation, Mohd Uzir said 75.2% were in the employees’ category, marking a slight increase of 0.1% to 12.38 million individuals.

“Similarly, the rising trend was also seen in the own-account workers category, which increased by 0.3% to 3.0 million persons,” he said.

Employment in the services sector, notably in information and communication, food and beverage services, and transportation and storage activities, continues to record a rise.

A similar trend was also observed in the manufacturing, construction, mining and quarrying, while the agriculture sector declined.

He also highlighted that the unemployment rate for youth aged 15 to 24 stood at 10.6%, with 307,200 unemployed youths (November 2023: 308,500 persons).

“Meanwhile, the unemployment rate among youth aged 15 to 30 years dropped by 0.1% points to 6.4%, registering 432.1 thousand unemployed youths (November 2023: 6.5%; 432,000 persons),” he added.

In terms of the unemployment rate and the LFPR by state, Putrajaya was reported as having the lowest unemployment rate, at 1.5%, during the fourth quarter of 2023 across all states, followed by Perlis and Penang, at 2.0%.

In conclusion, Malaysia’s labour market may gain a positive impact in line with its healthier economic prospects in 2024, supported by increased foreign direct investment (FDI), growing tourism, and higher infrastructure spending. – BK