Number of unemployed individuals decreases: report
Malaysia's labour force "further expanded" as the country continued to register a positive employment trend and lower unemployment level in December 2023, according to its latest Labour Force Statistics Report.
The report, released by Malaysia's Department of Statistics, showed the number of labour force continued increasing to 17.03 million people in December 2023, up 0.1% from the previous 17 million people a month prior.
"The Labour Force situation further expanded in December 2023, indicative of the stable nation's economic foundations, driven by a continuing growth in economic and social activities, denoted by the positive employment trend and lower unemployment," the report read.
The number of unemployed individuals in Malaysia decreased to 567,800 people, down from the 568,200 people in November 2023.
"The unemployment rate in December stood at 3.3% as recorded in November 2023," the report said.
The number of people outside the labour force also went down to 7.23 million people, according to the report.
Employment goes up
The number of employed people in December 2023 hit 16.46 million after growing by 0.2% from the month prior.
"In terms of economic sectors, Services sector continued to record a rise in the number of employed persons, notably in Information & communication; Food & beverage services; and Transportation & storage activities," the report said.
"A similar trend in the number of employed persons was also observed in the Manufacturing, Construction, and Mining and quarrying sectors in December 2023."
Continued growth in jobs
According to the report, the country's labour market is expected to remain strong and stable in early 2024 due to economic developments and technological advancements.
The labour market will also likely see positive gains amid "healthier economic prospects" in 2024.
It added that more job opportunities will likely emerge from the gradual increase in tourism activities, as well as from the country's transition towards a greener economy.
"More highly skilled jobs will be created in the future to meet this need," the report said.
