Unemployment in the country has dropped to its lowest level since the start of the Covid-19 pandemic, according to the statistics department. In a statement, Chief Statistician Uzir Mahidin said there were 602,000 individuals classified as unemployed in October, compared with 605,000 in September.
The unemployment rate remained at 3.6%, which he said was 0.3% higher than the pre-pandemic rate of 3.3% recorded in February 2020. The number of workers continued to rise in October with a month-to-month increase of 0.2% to 16.68 million people currently, compared with 16.66 million in September, while the Workforce Participation Rate remained at 69.7%.
“The optimistic workforce performance in October 2022 reflects the country’s stable economic foundation, thanks to continued economic and social activities. “This is reinforced by continuous policy support to overcome the effects of the rising cost of living and to reduce negative risk related to the geopolitical situation and the strengthening of foreign financial standing,” he said. On the unemployment situation in October, Uzir said the number of active unemployed people dropped by 1.1% to 491,300 people compared with 496,600 the month before, while inactive unemployed people rose by 2.1% to 110,700 people from 108,400 in September.