— GLENN GUAN/The Star
KUALA LUMPUR: The unemployment rate in December 2024 edged down by 0.1 percentage points to 3.1%, the lowest in nearly a decade (May 2015: 3.1%; November 2024: 3.2%).
In a statement, the Statistics Department (DOSM) reported that the number of unemployed persons declined further in December, decreasing by 0.4% (-2.4 thousand) to 544.3 thousand (November 2024: 546.7 thousand).
The number of labour force in December 2024 remained on an upward trend, with a rise of 0.1% to 17.32 million persons.
Accordingly, a higher labour force participation rate (LFPR) was recorded during the month at 70.6% compared to 70.5% in the previous month.
At the same time, the number of employed persons increased by 0.2% to 16.78 million, maintaining its positive trend. The employment-to-population ratio, which measures an economy's ability to create jobs, remained steady at 68.3%.
Employment in the qervices sector continued to grow, driven mainly by wholesale and retail trade, arts and entertainment, and food and accommodation.
The manufacturing, construction, and agriculture sectors also recorded job growth, while employment in mining and quarrying declined.
Employees accounted for 74.9% of total employment in December, rising by 0.1% to 12.56 million. Meanwhile, the number of own-account workers grew by 0.4% to 3.12 million.
The number of people outside the labour force fell slightly by 0.04% to 7.22 million, with housework and family responsibilities (43.1%) being the primary reasons, followed by schooling and training (42.3%).
DOSM noted that Malaysia’s labour market remained strong in 2024, with steady job growth and low unemployment. The positive trend was driven by sustained labour demand across various sectors, particularly in the private sector.
“The anticipation for Malaysia's labour force in 2025 is comparatively favourable, whereby employment was observed to rise consistently, while unemployment is expected to remain low. Key sectors such as manufacturing particularly electrical and electronics, and Services will propel job creation,” DOSM said.
