Malaysia Labour Market - 11 January 2024

Unemployment rate fell to 3.3% in November on a steady employment growth

The unemployment rate edged down to 3.3% in November (Oct: 3.4%), the lowest since January 2020, indicating that the labour market has improved and returned to the pre-pandemic level

  • Unemployed persons (-0.3% MoM; Oct: -0.5%): extending its decline for 28 months, but the pace slowed to a three-month low.
  • In absolute terms, the number of unemployed persons fell to 569.2k (Oct: 570.9k), the lowest since February 2020 (525.2k). Additionally, the actively unemployed fell to 454.5k (Oct: 457.2k), the lowest since March 2020 (422.9k).

Employment growth expanded for 28 months and at a steady pace (0.2% MoM; Oct: 0.2%)

  • The rise in employment is mainly attributable to the increased hiring in the services sector, particularly in information & communication, food & beverage services, and transportation & storage activities. Similarly, the manufacturing, construction, and mining sectors also contributed to the expansion.