In July 2024, Malaysia's unemployment rate fell further to 3.3%, according to the Department of Statistics Malaysia (DOSM). The July figures, released today, show a decline in the number of unemployed persons to 563.7 thousand, down from 565.3 thousand in June. The labour force increased by 0.1% to 17.20 million persons, up from 17.17 million in June, while the labour force participation rate held steady at 70.4%.

Chief Statistician Malaysia, Dato' Sri Dr. Mohd Uzir Mahidin, remarked, "The country's labour market remained stable, reflecting the improving economic conditions. The number of employed persons has continued to rise, and the unemployment rate has decreased." In July, the number of employed persons rose by 0.2% to 16.63 million, up from 16.61 million in June. The unemployment rate remained unchanged at 3.3%.

Further detailing the employment situation, Dato' Sri Dr. Mohd Uzir Mahidin noted that 75.0% of employed persons were in the employees' category, increasing by 0.1% to 12.48 million. The own-account workers category also saw a rise, growing by 0.3% to 3.07 million. The Services sector continued to show positive growth, especially in Food & Beverage Services, Wholesale & Retail Trade, and Transport & Storage. Positive employment growth was also observed in Manufacturing, Construction, Mining & Quarrying, and Agriculture sectors.

Regarding unemployment, the actively unemployed, those seeking jobs or available for work, made up 80.0% of the total unemployed, decreasing by 0.3% to 450.7 thousand. Among this group, 61.5% were unemployed for less than three months, while 6.9% faced long-term unemployment exceeding a year. The inactively unemployed, who believed no jobs were available, decreased by 0.4% to 113.0 thousand.

Youth unemployment rates remained steady, with 10.5% for those aged 15 to 24 years, totalling 304.5 thousand unemployed youths. The rate for those aged 15 to 30 years also held at 6.5%, with 433.1 thousand unemployed in this group.

The number of people outside the labour force marginally decreased by 0.01% to 7.23 million. The majority cited housework or family responsibilities as their primary reason for not participating in the labour force, accounting for 42.8%, followed by schooling or training at 41.4%.

In conclusion, Malaysia's economic outlook remains positive, supported by increased household spending, a stable labour market, robust policy support, and growth in exports, tourism, and investment. These factors are expected to create more job opportunities and encourage higher labour market participation, suggesting that Malaysia's labour market will stay competitive and stable in the months ahead.