Labour Market Remains Strong With Record 17.34 Mln People In 4Q 2024 - DOSM

PUTRAJAYA, Feb 21 (Bernama) -- The national labour market strengthened with 17.34 million people in the fourth quarter (4Q) of 2024 compared to 16.91 million people in the same quarter of 2023, according to the Department of Statistics Malaysia (DOSM) in the Labour Market Review, Fourth Quarter 2024 (LMR ST4 2024) published today.

Labour productivity increased by 2.2 per cent year-on-year (Y-O-Y) to RM25,647 per worker in the 4Q 2024 from RM25,101 per worker in 2023.

DOSM chief statistician Datuk Seri Dr Mohd Uzir Mahidin said that the strong labour market was driven by an increase in labour supply and demand.

"This development reflects the country's strong economic performance, supported by resilient domestic demand and a conducive environment for industry, leading to an increase in production and higher labour demand. As a result, the Malaysian economy grew by 5.1 per cent, exceeding expectations in 2024," he said in a statement here today.

He said that the growth was also driven by a strong increase in investment and stable growth in the export of goods and services.

“These factors contribute to higher employment, increased job opportunities, and an overall improvement in labour force participation," he said.

Mohd Uzir said the number of unemployed people decreased to 546,900 in the 4Q 2024 from 565,000 in the same quarter of 2023, while the unemployment rate remained at 3.2 per cent.

Looking at the situation of underemployment, he said the continued growth in employment throughout the 4Q 2024 caused the number of residents working less than 30 hours a week to record a decrease of 8.6 per cent compared to the same quarter in 2023, with a total of 261,400 people.

Mohd Uzir said that labour demand in Malaysia remains stable with 9.05 million positions recorded in the private sector, representing an annual increase of 1.3 per cent.

Of this total, 97.9 per cent or 8.86 million positions are filled, while 2.1 per cent or 193,600 are vacancies, primarily in the manufacturing sector, which accounts for 57.1 per cent or 110,500 of the total vacancies.

In addition, job creation also saw a Y-O-Y increase of 1.3 per cent, recording 31,500 in the 4Q 2024 compared to 31,100 in the 4Q 2023.

Mohd Uzir said Malaysia is stepping into 2025 with positive confidence supported by a stable labour market, strong economic growth, increased investment and a competitive import-export sector.

"The government's strategic initiatives, along with Malaysia's important role as ASEAN Chair this year, open up great opportunities to strengthen the domestic economy, improve the global standing, and enhance regional unity," he also said.

Mohd Uzir added that despite the geopolitical and economic uncertainties shaping the global landscape, Malaysia's leadership based on the 'ASEAN Community Vision 2045' provides a platform to showcase the country's stability, attract more investments, and strengthen its position as a regional hub.

-- BERNAMA