Market on better footing as jobs roll in

PETALING JAYA: As more jobs were added in June with the headline unemployment rate dropping to the lowest level since Covid-19 hit, it seems that Malaysia’s labour market is heading towards a sustained recovery.

However, taking a microscopic view of the latest employment figures, it was also evident that youth unemployment remained high in June, with almost half-a-million youth jobless. In the same month last year, there were about 768,700 unemployed persons, with an unemployment rate of 4.8%. Meanwhile, in May 2022, there were about 637,700 jobless persons, bringing the unemployment rate to 3.9%

Full employment refers to an unemployment rate of below 4%, based on the definition set by the Organisation for Economic Co-operation and Development or OECD. The minister also added that the labour market performance in June 2022 was in line with the stronger economic activities following the transition to the endemic phase in the whole country.

“A similar trend was observed in the agriculture, manufacturing and construction sectors, while the mining and quarrying sector persistently registered a decline in employment,” according to the Statistics Department in its report yesterday.

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