KUALA LUMPUR: Malaysia’s national labour market continued to expand in the third quarter, witnessing the highest labour force participation rate at 70.1%, official data showed Friday.
The Department of Statistics Malaysia (DOSM) said in a statement that the increase in industry-driven demand for labour is attributed to the rise of employment resulting from the expansion of domestic markets, resulting in an improvement in the unemployment situation.
In line with the economic development, labour supply in the third quarter remained solid as the labour force participation rate increased 0.7 percentage points year-on-year (YoY) to 70.1%, acording to Xinhua.
The labour force increased by 2.3% to record 16.82 million persons, primarily contributed by the increase of 2.7% in employed persons, which accounted for 16.25 million persons in the third quarter.
Unemployment situation in Malysia
At the same time, the number of unemployed decreased by 6.3% to 573,100 persons, resulting in the national unemployment rate at 3.4%, observing a gradual return to the pre-pandemic level.
DOSM said that moving towards the final quarter, the outlook remains optimistic.
