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Unemployment drops to 3.7%




MANILA, Philippines, November 10 ------ The country's labor market further improved as the number of jobless Filipinos declined, the Philippine Statistics Authority (PSA) reported. The unemployment rate dropped to 3.7 percent in September from 4.0 percent in August and 4.5 percent in the same month last year. This translates to 1.89 million unemployed Filipinos, 177,000 less than August's figure of 2.07 million and September 2023's 2.26 million, reflecting a year-on-year decrease of 370,000 unemployed individuals. 

  

Meanwhile, underemployment — which counts those looking for more work or an extra job — rose to 11.9 percent, up from 10.7 percent in September 2023 and 11.2 percent in August 2024. The number of underemployed was equivalent to 5.94 million. These are people "who have expressed the desire to have additional hours of work in their present job or to have additional jobs, or to have a new job with long hours of work." 

  

Employment rate, meanwhile, improved to 96.3 percent, higher than the 96.0 percent recorded in the previous month and last year's 95.5 percent. The number of individuals with jobs reached 49.87 million, higher than August's 49.15 million and September 2023's 47.67 million. The services sector continued to dominate the labor market in September in terms of the number of employed persons with a share of 62.8 percent 

  

The country's Labor Force Participation Rate (LFPR) in September was registered at 65.7 percent,higher than the 64.8 percent in August and September 2023's 64.1 percent. 

  

Source: manilatimes.net 

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