MALAYSIA: Malaysia’s labour market is slowly recovering, with the unemployment rate in the country dropping to 3.7% in the third quarter of 2022 (Q3 2022) compared to 4.7% in the same quarter in 2021.
In a statement, the Department of Statistics said the decrease in unemployment rates is a positive indication that the situation in the country is returning to pre-pandemic levels.
The number of unemployed persons decreased by 18% to 611,800 persons, from 746,200 recorded in the same quarter last year.
“In terms of labour supply in the third quarter of 2022, the number of employed persons rose by 3.6% to 15.83 million against the same quarter of the preceding year, which recorded 15.70 million.
“Higher employment growth than the decline in unemployment led to the number in the labour force to increase by 2.6% to 16.44 million. Hence, the labour force participation rate strengthened further by 1.1 percentage points to 69.4% (Q3 2021: 68.3%),” the department said.