Summary Malaysia’s Unemployment Rate Dips To 3.3% In July - BusinessToday www.businesstoday.com.my
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Malaysia's unemployment rate declined to 3.3% in July 2024, indicating an improved labor market and positive economic outlook.
Slides
Slide Presentation (12 slides)
Key Points
- Malaysia's unemployment rate fell to 3.3% in July 2024, down from 565.3 thousand in June
- The labor force increased by 0.1% to 17.20 million persons, while the labor force participation rate held steady at 70.4%
- The number of employed persons rose by 0.2% to 16.63 million, up from 16.61 million in June
- 75.0% of employed persons were in the employees category, increasing by 0.1% to 12.48 million
- The Services sector, especially Food & Beverage Services, Wholesale & Retail Trade, and Transport & Storage, showed positive growth
- Youth unemployment rates remained steady, with 10.5% for those aged 15 to 24 years and 6.5% for those aged 15 to 30 years
- The number of people outside the labor force marginally decreased by 0.01% to 7.23 million
Summaries
21 word summary
Malaysia's unemployment rate fell to 3.3% in July 2024, with fewer jobless and more employed across sectors. Economic outlook remains positive.
54 word summary
Malaysia's unemployment rate fell to 3.3% in July 2024, with the number of unemployed persons decreasing to 563.7 thousand. The labor force increased, and the number of employed persons rose across various sectors. Malaysia's economic outlook remains positive, supported by increased household spending, a stable labor market, and growth in exports, tourism, and investment.
123 word summary
Malaysia's unemployment rate fell to 3.3% in July 2024, with the number of unemployed persons decreasing to 563.7 thousand. The labor force increased by 0.1% to 17.20 million, while the labor force participation rate held steady at 70.4%. The number of employed persons rose by 0.2% to 16.63 million, with positive trends across various sectors. The actively unemployed, seeking jobs or available for work, made up 80.0% of the total unemployed, with 61.5% unemployed for less than three months. Youth unemployment rates remained steady at 10.5% for those aged 15 to 24 years and 6.5% for those aged 15 to 30 years. Malaysia's economic outlook remains positive, supported by increased household spending, a stable labor market, and growth in exports, tourism, and investment.
363 word summary
Malaysia's Unemployment Rate Dips to 3.3% in July
In July 2024, Malaysia's unemployment rate fell further to 3.3%, according to the Department of Statistics Malaysia (DOSM). The number of unemployed persons decreased to 563.7 thousand, down from 565.3 thousand in June. The labor force increased by 0.1% to 17.20 million persons, while the labor force participation rate held steady at 70.4%.
Chief Statistician Malaysia, Dato Sri Dr. Mohd Uzir Mahidin, stated that the country's labor market remained stable, reflecting improving economic conditions. The number of employed persons rose by 0.2% to 16.63 million, and the unemployment rate remained unchanged at 3.3%.
The employment situation showed positive trends across various sectors. The employees category increased by 0.1% to 12.48 million, and the own-account workers category grew by 0.3% to 3.07 million. The Services sector, particularly Food & Beverage Services, Wholesale & Retail Trade, and Transport & Storage, continued to show positive growth. Employment growth was also observed in the Manufacturing, Construction, Mining & Quarrying, and Agriculture sectors.
Regarding unemployment, the actively unemployed, who were seeking jobs or available for work, made up 80.0% of the total unemployed, decreasing by 0.3% to 450.7 thousand. Among this group, 61.5% were unemployed for less than three months, while 6.9% faced long-term unemployment exceeding a year. The inactively unemployed, who believed no jobs were available, decreased by 0.4% to 113.0 thousand.
Youth unemployment rates remained steady, with 10.5% for those aged 15 to 24 years, totaling 304.5 thousand unemployed youths. The rate for those aged 15 to 30 years also held at 6.5%, with 433.1 thousand unemployed in this group.
The number of people outside the labor force marginally decreased by 0.01% to 7.23 million. The majority cited housework or family responsibilities as their primary reason for not participating in the labor force, accounting for 42.8%, followed by schooling or training at 41.4%.
In conclusion, Malaysia's economic outlook remains positive, supported by increased household spending, a stable labor market, robust policy support, and growth in exports, tourism, and investment. These factors are expected to create more job opportunities and encourage higher labor market participation, suggesting that Malaysia's labor market will stay competitive and stable in the months ahead.