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E-mail Xinhua, February 10, 2025
KUALA LUMPUR, Feb. 10 (Xinhua) -- Malaysia's unemployment rate fell by 0.1 percentage points to 3.3 percent in 2024, compared to 3.4 percent recorded in the previous year, official data showed Monday.
The Department of Statistics Malaysia (DOSM) said in a statement that in line with Malaysia's positive economic performance, the country's labor market position continued to show a healthier growth momentum throughout the year, steered by encouraging economic growth.
According to the DOSM, the positive labor market in 2024 was partly contributed by a sustained labor demand across various sectors, particularly in the private sector, which saw an increase in job opportunities.
It is noted that Malaysia's labor force participation rate (LFPR) in 2024 increased by 0.4 percentage points to 70.4 percent as against 70 percent in 2023.
As for the fourth quarter of last year, the jobless rate remained at 3.2 percent compared to the third quarter of 2024, with the number of unemployed persons decreasing by 0.2 percent quarter on quarter to 546,900 persons.
The number of the labor force during the latest quarter also showed an upward trend, rising by 0.4 percent quarter on quarter to 17.34 million persons.
The LFPR for the quarter increased by 0.1 percentage points, recording 70.6 percent as compared to 70.5 percent in the previous quarter.
In line with this, the number of employed persons during the quarter increased by 0.5 percent quarter on quarter to 16.79 million persons.
As for December 2024, Malaysia's unemployment rate hit the lowest rate in nearly nine years at 3.1 percent with 544,300 unemployed.
The number of the labor force in the month remained on an uptrend with a rise of 0.1 percent month on month to 17.32 million persons, recording a higher LFPR of 70.6 percent compared to 70.5 percent in November.
"The anticipation for Malaysia's labor force in 2025 is comparatively favorable, whereby employment was observed to rise consistently, while unemployment is expected to remain low. Key sectors such as manufacturing, particularly electrical and electronics, and services will propel job creation," said the DOSM. Enditem
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