Malaysian job market trending higher as economy improves

PETALING JAYA: Malaysia’s labor market is on an upward trend as the country’s economic position improves and keeps pace with the expansion of the global economy, according to Chief Statistician Malaysia Datuk Sri Dr. Mohd Uzir Mahidin.

Speaking today of the Malaysian Labor Force Statistics release, he said the labor force increased by 0.2% month-on-month to 16.76 million people in January (December 2022: 16.73 million people).

The participation rate remained at 69.8% during the month (December 2022: 69.8%).

Contributing to the positive scenario was an increase in the number of employed people, while the number of unemployed continued to decline, Mohd Uzir said.

He added that in January 2023, the category of workers accounted for 75.7% of all employees.

Compared to the previous month, this category recorded a slight increase of 0.1%, reaching a total of 12.24 million people (December 2022: 12.23 million people). 0.6% to 2.88 million people.

Broken down by economic sector, the number of people employed in the service sector continued to rise, mainly in wholesale and retail trade; food and drink service; and Administration & Support. A similar employment trend was also observed in manufacturing, construction and mining and quarrying, and agriculture.

Mohd Uzir said: “The majority of the unemployed were active unemployed or those who were available for work and actively looking for work, accounting for 80.8%. This category recorded a decrease of 0.5% to 481.6 thousand people (December 2022: 484.2 thousand people).” Regarding the total number of active unemployed, 60.8% were unemployed for less than three months, while 6 .4% had been long-term unemployed for more than a year.

Meanwhile, he said the number of those who believed no jobs were available or were not actively unemployed fell 0.8% to 114.5,000 people (December 2022: 115.4,000 people).

The unemployment rate for young people aged 15 to 24 has meanwhile fallen by 0.3 percentage points to a record value of 11.5% (December 2022: 11.8%) and registered the number of unemployed young people at 328.8 thousand people ( December 2022: 331.0 thousand people). .

In contrast, the unemployment rate for young people aged 15 to 30 rose by 0.1 percentage points to 7.0% with a total of 449.7 thousand unemployed young people (December 2022: 6.9%; 444.5 thousand people).

Among the economically inactive, the number of people not in the labor force decreased by 0.02% to 7.24 million people in January 2023 (December 2022: 7.24 million people).

Mohd Uzir said, “Alonging with the country’s transition to endemic and the reopening of international borders, Malaysia is expected to benefit from the spillover of increasing numbers of tourist arrivals, as well as more productive trade and business activities in Malaysia, which in turn will contribute to a stable recovery particularly in the service sector.” .”

Therefore, he added that business activity is expected to continue growing and contributing to more job opportunities in early 2023, thus encouraging greater labor participation in the market and subsequently strengthening the labor market and improving the country’s economic performance. According to the situation, the labor market situation should remain stable and expand in the coming months.

https://www.thesundaily.my/business/malaysian-labour-market-on-uptrend-as-economy-improves-BF10731145 Malaysian job market trending higher as economy improves

Andrew Schnitker

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