Malaysia's job market remained strong in October, with the unemployment rate remaining stable at 3.2%.
This encouraging figure, accompanied by a decline in unemployment to 551,400, down slightly from 555,300 in the previous month's reading.
The increase was driven by economic growth, boosting both job opportunities and confidence in the labour market.
The employed population increased slightly, reaching 16.72 million, while the total labour force expanded to 17.27 million.
A consistent labour force participation rate of 70.5% indicates stability in labour force participation.
Self-employed individuals such as small business owners and farmers saw an increase to 3.1 million.
The services sector led the growth, particularly in retail, food services and logistics, while sectors such as manufacturing, construction and agriculture also saw steady employment gains.
Fewer youth are unemployed with those aged 15–24 falling to 10.4%, affecting 301,500 individuals.
MIDF Investment Bank expects the increase to continue, projecting an unemployment rate of 3.2% for 2025.
However, challenges such as the global economic transition and higher costs could impact job growth.
Despite this, local and foreign recruitment is expected to remain the driving force for the Malaysian labour market.
