KUALA LUMPUR, Feb. 9 (Xinhua) -- Malaysia has recorded a 3.6-percent unemployment rate after the jobless dropped to 599,600 in December 2022, from the figure of 600,900 in the previous month, official data showed Thursday.
The Department of Statistics Malaysia (DOSM) said in a statement that in the final month of 2022, various festive celebrations along with a year-end school break, increased the flow of people in malls and shopping outlets, signaling continuous improvement in Malaysia's economy.
According to the DOSM, this holiday season led businesses to pick up, especially for consumption of goods and services.
Furthermore, the government's initiatives to increase employment opportunities and strengthen the labor market contributed to a better performance in the labor market during the month, it added.
Therefore, the number of labor force in December increased by 0.1 percent month on month to 16.73 million people, while the labor force participation rate (LFPR) was logged at 69.8 percent as compared to the previous month.
The number of employed people also remained on a positive trend, with a month-on-month increase of 0.1 percent to record 16.13 million people in December 2022.
As for the fourth quarter of 2022, the unemployment rate slightly decreased to 3.6 percent as compared to 3.7 percent recorded in the previous quarter.
The number of unemployed people for the quarter fell by 1.9 percent from the third quarter to 600,500 people.
Employment in the labor market improved by 0.6 percent quarter on quarter to 16.54 million people in the fourth quarter of 2022. Accordingly, the LFPR went up by 0.1 percentage point to 69.5 percent.
"A more promising labor supply situation was witnessed during the quarter, steered by encouraging economic and social activities," says the DOSM.
The department expects the labor market to remain positive and stable in the coming months, despite the challenges of an unprecedented situation that may occur in the future. ■