The transition to the PNR supports the gradual recovery of the labor market in the third quarter
KUALA LUMPUR: The gradual recovery of the labor market in the third quarter of 2021 (3Q 2021) was supported by the transition to the National Recovery Plan (PNR), coupled with the increase in the vaccination rate, according to the Department of Statistics of Malaysia ( DOSM).
Chief Statistician Datuk Seri, Dr Mohd Uzir Mahidin, said that with the continued increase in immunization throughout the quarter, several states moved to subsequent phases of the PNR as restrictions were slowly lifted.
“Thus, a gradual recovery was observed in the labor market during the third quarter of 2021, as evidenced by the modest increase in employment year over year, while jobs in the economic sector have increased. slightly decreased, “he said in a statement today following the publication of Labor. Market review, third quarter 2021 report.
Mohd Uzir said the number of employed people registered an increase of 1.2 percent to 15.27 million after increasing by 2.2 percent in the previous quarter, while the number of unemployed increased by 0.2 percent to 746,200 and the unemployment rate remained unchanged at 4.7 percent. hundred.
At the same time, he said, the number of employed people working less than 30 hours per week jumped 15.0 percent year-on-year to 464,600 and thereafter the underemployment rate linked at time increased from 2.1 percent to 326,200.
He said the number of higher education graduates working in semi-skilled and low-skilled professional categories increased 6.3% to 1.87 million from 3Q 2020.
Regarding the demand for labor, Mohd Uzir said the total number of jobs in the private sector decreased by 0.8% to 8.41 million in 3Q 2021, from 8.47 million in the same quarter of Last year.
He pointed out that filled jobs fell 0.7 percent to 8.23 ââmillion, while vacancies fell 3.0 percent to 174,000.
Regarding the vacancy rate, he said it had remained at 2.1% for five consecutive quarters since the third quarter of 2020, while the filled job rate stood at 97.9%.
â3Q 2021 saw the number of jobs created at 15,000 compared to 21,000 jobs created in the same quarter a year ago,â he said.
He said that as the economy returned to a 4.5% contraction in 3Q 2021, labor productivity per job fell 5.6% year-on-year.
“With the decreasing demand for labor and the growing number of potential new entrants to the labor market, continued reform is needed to increase employment opportunities,” he said.
Therefore, Mohd Uzir said that ideal long-term interventions could allow better absorption of labor supply in the labor market and ultimately ensure increased efficiency, as well. than economic growth.
“While supply indicated moderate year-over-year performance with an increase in the number of people employed and a slight increase in unemployment, demand from the economic sector registered a slight decline,” he said. he said, adding that Malaysia’s labor market performance had not yet increased from pre-pandemic levels.
In early 4Q 2021, he said the public health situation appeared to be improving alongside accelerated vaccination efforts.
âAs most states have moved to phase four, the economy is expected to regain momentum and consequently promote employment growth, thereby improving labor market conditions.
“As the nation is on the verge of emerging from the pandemic phase, the strategies and initiatives of Budget 2022 and Malaysia’s 12th Plan will certainly facilitate better interactions in the labor market and ensure its gradual improvement beyond the pre-pandemic level.” , he added. – Bernama