According to recent data released by the Department of Statistics, Malaysia's unemployment rate experienced a slight decline in December, reaching its lowest point in nearly ten years. The unemployment rate decreased to 3.1 percent in December from 3.2 percent in the previous month, and compared to 3.3 percent in December of the previous year.
This marks the lowest unemployment percentage since May 2015 when the rate was also at 3.1 percent. The number of unemployed individuals fell to 544,300 in December, down from 546,700 in November. Meanwhile, the labor force participation rate saw a slight increase, rising to 70.6 percent in December from 70.5 percent the preceding month.
In related findings, official statistics indicated a significant annual increase in the value of construction work completed in the fourth quarter, growing by 23.1 percent compared to a 22.9 percent increase in the third quarter. This robust growth was largely propelled by the strong performance in the special trade activities and residential buildings sub-sectors, as reported by the agency.
