Kuala Lumpur [Malaysia], December 10: Malaysia's unemployment fell to the lowest level since the COVID-19 pandemic in October, reaching 602,000 persons, official data showed on Friday.
The unemployment rate in October remained at 3.6 percent, 0.3 percentage points higher than the pre-pandemic level of 3.3 percent in February 2020, the Department of Statistics Malaysia (DOSM) said in a statement.
According to the DOSM, the optimistic labor force performance in October reflected the nation's steady economic fundamentals, resulting from continuously growing economic and social activities.
It was coupled with ongoing policy support to buffer the impact of the rising cost of living and reduce the negative risks associated with lingering geopolitical unrest and tightening external financial conditions.
Furthermore, domestic and international tourism was boosted by increasing tourist arrivals in many countries, including Malaysia, and the increasing momentum of economic activities contributed by the current economic situation.
Therefore, the number of labor force continued to expand in October, with a month-on-month increase of 0.2 percent to record 16.68 million people, whereas the labor force participation rate stood at 69.7 percent.
Due to optimistic economic and business performance forecasts, the DOSM expected the labor market to be better, whereby more labor will be recruited to accommodate the economy and business needs.
"As a result, more labor demand and supply opportunities will emerge in the market, bolstering the labor market's positive momentum in the coming months," it said.
Source: Xinhua
