DoSM: Malaysia’s unemployment down in May, jobs set to be stable on strong growth

KUALA LUMPUR, July 10 — Malaysia’s unemployment continued its downtrend in May, falling to 56,100 persons or 0.1 per cent lower than the 556,400 from the previous month, official data shows.

Based on the Department of Statistics Malaysia's (DOSM) latest figures released today, this is part of a continued downtrend in the number of persons who are unemployed in Malaysia. A year ago in May 2023, there were 584,600 persons who were unemployed in the country.

Unemployment rates in May remained unchanged at 3.3 per cent.

Malaysia also recorded a positive trend in terms of people who were employed, with 16.58 million employed persons recorded in May 2024, an increase by 0.1 per cent or 24,100 persons as compared to April 2024 where 16.56 million persons were employed.

According to DOSM, nearly two-thirds of those who were employed worked in the services sector, which continued to show positive trends especially for wholesale and retail trade, food and beverage services, and information and communication services. Also recording an increase in employment are the manufacturing, construction, mining and quarrying and agriculture sectors.

There are now more people in the labour force, with 17.15 million persons in the labour force in May 2024, which is an increase by 23,800 or 0.1 per cent from the 17.12 million recorded in April 2024.

Labour force participation rate or the ratio of the labour force to the working-age population (aged 15 to 64) in May remained at 70.3 per cent, which is the same as April.

In its Labour Force Statistics Report May 2024, the DOSM said more jobs have been created in Malaysia: "As economic and business activities continue to flourish, it has contributed to the creation of more jobs and income opportunities in the economy, which will encourage more labour participation in the market."

It said Malaysia's leading index's performance — which indicates the economy's direction — has continued to improve, and that this signals the country's expected continued economic growth.

DOSM said Malaysia's labour market — or supply and demand for jobs — is expected to remain stable in the coming months, “backed by favourable economic growth, a growing domestic economic position, as well as the recovery of the external sector”