According to the statistics department, the unemployment rate in November 2023 has dropped from 3.4% in October to 3.3%, or 569,000 unemployed people, which is back to pre-pandemic levels.
According to chief statistician Uzir Mahidin, the November data show steady economic growth, with a rise in the number of employed people and a decrease in the unemployment rate.
“The labor force in November 2023 increased by 0.2% month-on-month to 17 million persons from 16.97 million persons in October,” he said in a statement.
In addition, there were 0.2% more employed individuals in November (16.43 million) than in October (16.40 million). At the same time, the number of jobless people fell by 0.3% to 569,200.
75.3% of those in employment fell into the category of employees, representing a marginal increase of 0.1% to 12.37 million people. The number of own-account workers rose by 0.3% to 2.99 million.
The services sector experienced employment growth, especially in information and communications, food and beverage services, and transportation and storage.
Comparably, in November 2023, the employment numbers for the manufacturing, construction, mining, and quarrying sectors increased, whereas the agriculture sector decreased.
Uzir emphasized that the proportion of jobless people actively looking for work fell to 79.9% of all unemployed people, or 454,500 people, a 0.6% decrease. Of those actively looking for work, 61.8% had been out of work for less than three months, and 6.3% had been out for more than a year.
He continued by saying that Malaysia’s robust fundamentals and diversified economic structure supported steady economic growth in the face of global challenges. The economy would grow even more with the approaching holiday season, particularly in the travel and tourism industry.
According to Uzir, the floods in 2023, which affected multiple states in Malaysia, are not expected to impact the labor market significantly.
In line with the nation’s improving economic performance, he added, the labor market in the country is anticipated to stay strong in the upcoming months.
