The Department of Statistics Malaysia (DOSM) said in a statement that the upswing in industry-driven demand for labor is attributed to the rise of employment resulting from the expansion of domestic markets, eventually leading to an improvement in the unemployment situation.
In line with the economic growth, labor supply in the third quarter remained strong as the labor force participation rate rose 0.7 percentage points year-on-year to 70.1 percent.
The labor force increased by 2.3 percent to record 16.82 million persons, primarily contributed by the increase of 2.7 percent in employed persons, which accounted for 16.25 million persons in the third quarter.
At the same time, the number of unemployed decreased by 6.3 percent to 573,100 persons, resulting in the national unemployment rate at 3.4 percent, observing a gradual return to the pre-pandemic level.
Moving towards the final quarter, the DOSM said the outlook remains optimistic.
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