The number of employed persons continued its upward trend in March 2024, marking a month-on-month increase of 0.1 per cent (+24.3 thousand persons) to 16.53 million persons, as against 16.51 million persons recorded in February 2024.
The Department of Statistics Malaysia (DOSM), in its Statistics of the Labour Force, Malaysia, March and First Quarter of 2024 release today (May 10) cited that during the month, the employment-to-population ratio, which indicates the economy’s ability to create employment, remained at 67.9 per cent as in February 2024.
In terms of the economic sector, the Services sector continued to record a positive trend in the number of employed persons, particularly in the Wholesale & retail trade; Food & beverage services; and Information & communication activities. Likewise, the number of employed persons in the Manufacturing, Construction, Mining & quarrying and Agriculture sectors was also on an increasing trend in March 2024.
In March 2024, 75.1 per cent of employed persons were in the employees’ category, registering an uptick of 0.1 per cent (+12.9 thousand persons) to 12.42 million persons compared to 12.41 million persons in February 2024. Similarly, a positive trend was observed in the category of own-account workers, which increased by 0.3 per cent (+8.9 thousand persons) to 3.03 million persons (February 2024: 3.02 million persons).
The number of unemployed persons in March 2024 changed little to 566.6 thousand persons, with a slight decline of 0.1 per cent (-0.4 thousand persons) as against the prior month (February 2024: 567.0 thousand persons). The unemployment rate during the month remained at 3.3 per cent as in the previous month.
The number of labour force in March 2024 strengthened further, with a rise of 0.1 per cent or equivalent to 23.8 thousand persons, to record 17.10 million persons (February 2024: 17.07 million persons). Accordingly, the labour force participation rate (LFPR) rose by 0.1 percentage points to 70.3 per cent (February 2024: 70.2%).
The number of persons outside the labour force in March 2024 continued to decrease, with a marginal decline of 0.003 per cent (-0.2 thousand persons) to 7.23 million persons (February 2024: 7.23 million persons). The major composition of the outside labour force was housework/ family responsibilities at 42.6 per cent, followed by schooling/ training reasons at 41.4 per cent.
Chief Statistician Malaysia Sato’ Sri Dr. Mohd Uzir Mahidin said, “The favourable economic situation in March 2024 has enabled the country’s labour market to sustain growth steadily. Therefore, the number of labour force in March 2024 strengthened further by 0.1 per cent to record 17.10 million persons (February 2024: 17.07 million persons). Accordingly, the labour force participation rate rose by 0.1 percentage points to 70.3 per cent (February 2024: 70.2%), indicating higher labour participation in the market.”
