Malaysia registers unemployment rate of 3.6 pct in January
KUALA LUMPUR, March 9– The number of unemployed persons in January continued to decrease, reaching 596,100, registering a 3.6- percent unemployment rate, official data showed Thursday. The Department of Statistics Malaysia said in a statement that the country’s labor market continued on an upward trend following the current improvement of the country’s…
KUALA LUMPUR, March 9 (Xinhua) — The number of unemployed persons in January continued to decrease, reaching 596,100, registering a 3.6-percent unemployment rate, official data showed Thursday.
The Department of Statistics Malaysia (DOSM) said in a statement that the country’s labor market continued on an upward trend following the current improvement of the country’s economic position, in keeping with the expansion of the global economy.
Therefore, the number of the labor force in January improved further, increasing by 0.2 percent month-on-month to 16.76 million persons.
Meanwhile, the labor force participation rate during the month remained at 69.8 percent.
The DOSM anticipates the labor market to remain stable and expand in the upcoming months.
In tandem with the transition phase of the country to the endemic and the reopening of international borders, it foresees Malaysia to be benefitted from the spillover of the increase in the number of tourist arrivals, as well as more productive trade and business activities in Malaysia, which will in turn contributed towards a stable recovery, particularly in the services sector.
It expects business activity to continue to grow in early 2023, contributing to more job opportunities, hence encouraging more labor force participation in the market and subsequently strengthening the labor market and improving the country’s economic performance. Enditem