Unemployment rates showing positive trends
The most recent data from the Department of Statistics Malaysia reveals that Malaysia’s unemployment rate in March stood at 3.5%, reflecting a decrease of 0.6% compared to the previous year.
When compared to February 2023, the unemployment rate remained stable in March.
Throughout March, the number of individuals without employment continued to decline, registering a 0.5% drop to 588,700 persons. This represents a substantial decrease of 12.0% compared to the same period last year.
On a positive note, the number of individuals with employment displayed an upward trajectory, experiencing a 0.2% increase (+33,700 persons) in March. The total number of employed persons reached 16.22 million, compared to 16.19 million in February. Over the course of the year, this figure grew by 2.9%.
Moreover, the labor force expanded in March, witnessing a 0.2% growth (+30,500 persons) to reach 16.81 million individuals. In February, the labor force stood at 16.78 million persons. Comparatively, this represents a 2.3% increase over the year.
Conversely, March’s labor force participation rate remained steady at 69.9% compared to the previous month, but demonstrated a positive growth of 0.7% over the year.