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The latest labour force statistics today show that unemployment in Malaysia dropped to a seasonally adjusted 3.1% in April from 3.3% in March. But compared to a year ago, joblessness has increased from 3% in April 2012.
Data released by the Department of Statistics showed there were around 403,600 unemployed people in the country at the end of April, down -8.2% from the previous month. Year-on-year, this figure has risen by +5.1%.
At the same time, the number of people in employment rose to about 13.12 million in April from 12.95 million in March, showing an annual growth rate of +4.6%. The labour force participation rate stood at 66.4% in April, above the 65.5% seen in March and the 65.3% seen in April 2012.
Malaysia is considered one of the fastest growing emerging economies in Southeast Asia. During the last decade, the economy experienced growth at an annual rate of 4.7%.