Kuala Lumpur: The labour force participation rate (LFPR) in 2024 increased to 70.4 per cent compared to 70 per cent the previous year, according to Labour Force Statistics, Malaysia, December and fourth quarter 2024.
According to BERNAMA News Agency, Chief Statistician of the Department of Statistics Malaysia (DOSM) Datuk Seri Dr Mohd Uzir Mahidin reported that during the same period, the unemployment rate dropped to 3.3 per cent in 2024, compared to 3.4 per cent the previous year.
The Malaysian economy maintained a growth trajectory in 2024, supported by economic performance amid external uncertainties. This growth facilitated a strong labour market with low unemployment and increasing employment.
Dr Mohd Uzir highlighted that the private sector played a significant role in boosting job opportunities, contributing to the positive labour market. He mentioned that employment is expected to rise, especially in key sectors like manufacturing and services.
In the fourth quarter of 2024, manpower numbers increased by 0.4 per cent, reaching 17.34 million people. Employment rose by 0.5 per cent to 16.79 million, while unemployment decreased slightly to 546,900 people, keeping the rate at 3.2 per cent.
Selangor and Kedah recorded the lowest unemployment rates at 1.7 per cent in the fourth quarter, with other states like Melaka, Johor, and Penang also showing low unemployment figures. The LFPR increased in nine states, with Selangor leading at 76.4 per cent.
In December 2024, the workforce continued to grow, with a 0.1 per cent increase to 17.32 million people. The unemployment rate dropped to 3.1 per cent, the lowest in 116 months.
By the end of 2024, Malaysia’s economy demonstrated resilience, and the labour market showed stable progress. Employment categories like workers and self-employed individuals saw growth, with the service sector leading in job creation.
Dr Mohd Uzir noted that the manufacturing, construction, and agriculture sectors experienced employment growth, while mining and quarrying saw a decline in employment.