KUALA LUMPUR, Aug 25 — The labour market grew by 2.4 per cent in the second quarter (Q2), with 16.73 million people despite slower growth in employment and a smaller decline in unemployed persons, said the Statistics Department (DOSM) today.
Chief statistician Datuk Seri Mohd Uzir Mahidin said the increase was mainly contributed by the 2.8 per cent rise in employed persons.
He said the number of unemployed persons declined by 9.5 percent year-on-year to 581,400 persons, putting the national unemployment rate at 3.5 per cent in !2.
“Increased demand for labour by industries resulted in an increase in employment, albeit at a slower pace in Q2 2023, leading to a reduction in the unemployment rate compared with a year ago.
“These circumstances contributed to positive economic growth amid a challenging global environment by recording a moderate 2.9 per cent increase in Q2 2023 compared with a growth rate of 5.6 per cent in Q1 2023,” he said.
Uzir said labour participation was at its highest since the pandemic at 70 per cent, which is an increase of 0.8 percentage points from the same quarter last year.
Commenting on the labour demand situation in Q2 2023, he said jobs in the private sector increased by 2.4 per cent to 8.83 million jobs.
“Filled positions comprised 97.9 per cent of total jobs and grew 2.5 per cent to 8.64 million, while job openings, indicated by the number of vacancies, comprised another 2.1 per cent of jobs, declining by 0.9 per cent to 189,600 vacancies,” he said.
He said more than half the job vacancies in Q2 were in the manufacturing sector, which accounted for 108,000 vacancies. They were largely in the electrical, electronic and optical products sub-sector, which recorded 34,200 vacancies.
He said improved labour demand in the quarter was indicated through the 8.6 per cent increase in the number of jobs created.
Uzir said the labour market momentum is expected to sustain steady growth in the upcoming quarter, supported by continued economic development, government initiatives and quality investments that will generate high-paying jobs.
“However, this is subject to various global and domestic challenges arising from unprecedented situations that may occur in the future,” he said.
— Bernama
