The Department of Statistics Malaysia (DOSM) recorded the number of unemployed in May 2024 continued to decrease to 566,100 compared to 566,400 in the previous month and it remained at 3.3%.
Malaysia's head of statistics, Dr Mohd Uzir said the optimistic economic position last May allowed the country's labor market to continue to grow stably.
He also said that the number of labor force surveyed continued to strengthen by 0.1% and recorded 17.15 million people compared to April which was 17.12 million people. Meanwhile, the labor force rate remained at 70.3%, the same as recorded in the previous month.
The number of working population in May also remained in a positive trend with a month-on-month increase of 0.1 percent to 16.58 million people compared to 16.56 million people in April 2024.
Meanwhile, he said the unemployment rate for youth aged 15 to 30 remained unchanged at 6.5% with 434,600 people compared to the previous month's 434,900 people.
Due to the vigorous economic and business activities that have contributed to the existence of more jobs and income opportunities in the economy. At once encouraging more labor participation in the market.
In addition, the performance of the country's leading index also continues to record an increase and signals that the Malaysian economy is expected to experience continued growth in the near term.
The labor market is expected to remain on a stable track in the coming months supported by economic growth that encourages the growing position of the domestic economy as well as the recovery of the external sector.
