Malaysia's unemployment falls to 2.9% in August as labour market tightens

Malaysia’s Statistics Department reported that the unemployment rate fell to 2.9% in August, as the count of unemployed persons decreased by 1.7% to 511,600 from the previous month. The labour force expanded by 0.1% to 17.39 million, lifting the participation rate to 71%, a 0.1-point increase. Total employed persons rose by 0.2% to 16.87 million, with employees representing 74.9% and own-account workers climbing to 3.17 million.

Actively unemployed individuals fell by 1.8% to 405,100, most of whom had been seeking work for less than three months. Youth unemployment rates improved, slipping to 10.1% for those aged 15-24 and 6.3% for ages 15-30. The department noted that the labour market’s continued strength supports the country’s economic growth.