Unemployment continues to ease, self-employed figures on downtrend

The unemployment rate has continued on a downward trend since a record high of 5.3 percent in May.

According to the Department of Statistics (DOSM) estimate, unemployment in July was 4.6 percent, down from 4.8 percent the previous month.

"Most economic sectors posted an increase in employed persons since June as the recovery movement control order took effect.

"The significant increase was in the services sector mainly in accommodation, food and beverages, and transport and storage activities.

"There was also a slight increase in art, entertainment and recreational activities," it said.

The estimated number of unemployed persons in July was 745,100, up 42 percent from the same period last year.

The DOSM also noted that the number of self-employed has been reducing gradually since April.

They mainly comprise of daily wage earners working in markets, freelancers and smallholders.

"They were reported to be the most affected groups due to the Covid-19 pandemic," it added. 

Looking ahead, the DOSM said that job opportunities will continue to rise in the coming months unless there is another spike in Covid-19 cases.

It warned that the labour supply will likely increase in the second half of the year and it would make the labour market more competitive for traditional jobs.

"Thus, new emerging job opportunities largely driven by technology advancement and automation could be alternatives for new graduates.

"Optimistically, new entrants in the labour market who leverage such opportunities may, in turn, become job creators for others," it added.  - Mkini