What were the Q3 2022 labour market recovery figures?

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Q3 2022 Labour Market Recovery Figures Showed Record Growth

Malaysia's labour market demonstrated significant recovery in the third quarter of 2022, marked by record growth in both the labour force and employment. The unemployment rate also reached a new low for the pandemic period. These positive trends are expected to continue, supported by a robust domestic economy and favourable external conditions.
Record Labour Force and Employment Growth

In the third quarter of 2022, the labour force experienced a record year-on-year (y-o-y) growth of 3.1 per cent. Concurrently, employment also achieved a record y-o-y expansion of 4.1 per cent during the same period. These figures reflect a substantial increase in the number of people participating in and holding jobs within the economy.
Lowest Unemployment Rate Since Pandemic Onset

The unemployment rate in Malaysia touched a new pandemic low in September 2022, registering at 3.6 per cent. This indicates a significant improvement in the job market, with fewer individuals actively seeking employment but unable to find it. The trend of expansion in the labour force and employment continued, with respective y-o-y increases of 2.9 per cent and 3.8 per cent in Q3 2022.
Positive Outlook for the Labour Market

The positive momentum in the labour market is projected to carry forward into the fourth quarter of 2022. This optimistic outlook is underpinned by the sustained strength of the domestic economy and steady expansion in the external sector. The job-vacancy rate stood at 56 per cent in August 2022, further suggesting an ongoing recovery trend. For the entirety of 2022, the average unemployment rate is forecast to be 3.8 per cent.

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What were the Q3 2022 labour market recovery figures?

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