Malaysia’s unemployment falls to lowest in Oct since Covid-19 pandemic
Malaysia’s unemployment fell to the lowest level since the Covid-19 pandemic in October, reaching 602,000 persons, official data showed.
Kuala Lumpur: Malaysia’s unemployment fell to the lowest level since the Covid-19 pandemic in October, reaching 602,000 persons, official data showed.
The unemployment rate in October remained at 3.6 per cent, 0.3 percentage points higher than the pre-pandemic level of 3.3 per cent in February 2020, the Department of Statistics Malaysia (DOSM) said in a statement on Friday.
According to the DOSM, the optimistic labour force performance in October reflected the nation’s steady economic fundamentals, resulting from continuously growing economic and social activities, Xinhua news agency reported.
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.
The 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 October, with a month-on-month increase of 0.2 per cent to record 16.68 million people, whereas the labour force participation rate stood at 69.7 per cent.
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.