Malaysia’s labour market momentum escalated in the first quarter of 2022 as both demand and supply ascended further.
The unemployment rate for males declined by 0.2 percentage points to 4%, its lowest level since October 2008.
Amid the prolonged pandemic, 43.1% of firms listed on the country's main and minor bourses slashed the number of their employees last year from 2020.
As the economy continues to recover from the pandemic, the number of retrenchments fell to 1,300, or 0.6 per 1,000 employees from January to March.
Compared to a month earlier, the number of workers rose by 180,000 in March, while workers who were unemployed fell by 90,000 over the same month.
The jobless rate in the country was 4.0% in March, one of the lowest readings since 1974, and is expected to drop further.
The unemployment rate in the country stood near a historical low in March, while the number of people employed rose for a 13th consecutive month.
The number of unemployed persons continued its fall by 1.3% to 671,000 in February from 680,400 in January this year.
Unemployment rates for February were around the quarterly average unemployment rates in 2018/2019 and are expected to hover around these levels.
The job availability ratio in February rose slightly to 1.21 from 1.20 in January, marking the second straight month of improvement.
With almost 180,000 applications in the first launch days, Chief Executive Carrie Lam has said there will be no upper limit on the overall funds distributed.
The labour force participation rate in urban areas over the same period was 46.9%, down from 47.2% year-on-year, showed official data.
The seasonally adjusted unemployment rate fell to 4.5% in the period from December 2021 to February 2022, from 7.2% in the same period the year prior.
The unemployment rate in January was 6.4%, the lowest in two years or since the 5.3% in January 2020 before the pandemic began.
Some 254,000 jobs were added in healthcare and social services, while some 135,000 jobs were added in transportation and warehouses.
The number of unemployed people fell from 687,600 persons in December 2021 to 680,400 in January this year, representing a 1.1% decrease.
Uncertainty over the pandemic’s effects on the economy and the high unemployment rate are likely to keep employees in their current jobs.
The impact of the Omicron variant on economic activity has not been significant, allowing activities within the country to proceed.
Government support ensured the unemployment rate hit 3.5% instead of 7.5% in 2021, said the country's finance ministry.
The huge demographic “bonus” and Industrial Revolution 4.0 (4IR) will drive manpower challenges, said Manpower Ministry official.
The handouts will exclude workers who lost their jobs before the current wave of outbreaks began last December.
The unemployment rate fell to 6.57% in January – the lowest since March last year, contributed by a decrease in rural unemployment.
The number of discouraged workers in South Korea spiked to an all-time high in 2021 amid a weak labour market due to the prolonged pandemic.
The unemployment rate fell by 0.02 percentage points from November to 3.64% in December, as the country continues to recover from the pandemic.
The states of New South Wales and Victoria each added 32,000 and 25,000 to the employment numbers in late 2021, respectively.
Among Southeast Asian countries, Vietnam ranks second, while Indonesia takes top place at 6.1 million unemployed.
Certain sectors, such as wholesale and retail, saw more employment, which contributed to the overall employment stability.
The number of unemployed persons fell below 700,000 in November, its lowest level since April 2020, according to the Department of Statistics.
Altogether, the government has disbursed PHP26.1 billion worth of social protection assistance under various programmes.
The number of first-time jobseekers and workers who quit their jobs fell by 4,000 over the same period, as Taiwan's economy continues to recover.
