Unemployment Malaysia is dropping. Now at 680,400 persons. Oh, this is low?

Unemployment Malaysia is dropping. Now at 680,400 persons.

For those who are looking at this number for the first time and thinks why so high?! Well, this is lower than the time when it was much higher. The unemployment number is now at 4.2% versus higher than 5% just less than a year ago! Take a look at all the changes. Generally, it’s on a downtrend yeah. Latest number is 4.2% for January 2022.

Source: The Edge

Article in themalaysianreserve.com Chief statistician Datuk Seri Dr Mohd Uzir Mahidin said, “The labour force situation continued to improve in January 2022 led by the continuous rise in employment while unemployed persons trended down.”

Mohd Uzir continued, “The employment-to-population ratio which indicates the ability of an economy to create employment also rose by 0.1 percentage point to 66.2% in January 2022 compared to 66.1% in the previous month.”

He added, “The situation reflects the encouraging economic activities observed in January 2022 since all states being in Phase 4 of the National Recovery Plan which allowed businesses to continue operating at full capacity with longer business hours.” Do refer to the article for all the other numbers. Article in themalaysianreserve.com

Just need to remember that the economy is driven by the employed yeah

Every time people see the unemployment numbers, they will start giving negative comments. Erm, I need to remind everyone that the economic growth is usually driven by the ones with a job who could afford to spend on goods and services. When these employed spend more, the businesses may have to expand and would have to hire more people. This is why when the economy is growing, the number of jobs available would also increase in-tandem too. Else, that economic growth may be unsustainable.

My wish is that within 2022, we will go back to an unemployment rate of below 4% like the times before arrival of Covid-19. This time, it’s below 4% even with Covid-19 still around. I think this shows the resilience of human and also the acceptance that living with Covid-19 will be norm versus fully eradicating it altogether. Just remember to stay safe as well as the virus is always lurking and waiting.

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Next suggested article: Bankruptcy in Malaysia during the MCO period. High or low?

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