Malaysia Labour Market - 13 February 2024

Unemployment rate held steady at 3.3% in the final month of 2023

The unemployment rate remained unchanged at 3.3% in December (Nov: 3.3%), marking its lowest since January 2020. The overall 2023 average settled at 3.4%, a tad lower than house forecast of 3.5%

  • Unemployed persons (-0.2% MoM; Nov: -0.3%): extending its 29-month decline, but the pace eased to a 12-month low.
  • In absolute terms, the number of unemployed persons fell to 567.8k (Nov: 569.2k), the lowest since February 2020 (525.2k). Additionally, the actively unemployed fell to 453.6k (Nov: 454.5k), marking the lowest since March 2020 (422.9k).