Unemployment rate in the Philippines eased in May to 4.1 percent from 4.3 percent in the same period last year as the economy generated more jobs, helped by increased spending on infrastructure development.
The May jobless rate, however, is higher compared to the 4.0 percent posted in April.
The unemployment rate, data from the Philippine Statistics Authority showed, translates to 2.11 million Filipinos without jobs in May compared to 2.17 million in May last year and 2.04 million in April.
PSA data showed that the Philippine economy generated more jobs this May at 48.87 million compared with 48.26 million in May last year and 48.26 million in April. Services continued to account for six of every 10 jobs, while the balance was split between agriculture and industry.
The country’s total labor force—Filipinos aged 15 and older—hit 50.97 million in May, up from 50.43 million in May last year and 50.40 million in April.
Underemployment, which reflects individuals desiring additional hours of work to increase their salaries, decreased to 9.9 percent in May 2024 from 11.7 percent in May 2023 and 14.6 percent in April. Around 4.82 million employed persons expressed such desire.
Agriculture, fisheries, arts and entertainment, and real estate recorded 1.85 million fewer jobs in May while construction, administrative and support services, manufacturing and transportation storage generated a combined 1.75 million jobs.
Overall, the May 2024 employment figures reflect a resilient labor market amidst changing economic conditions, with steady increases in employment and improvements in underemployment rates. These trends indicate ongoing challenges and opportunities within the Philippine workforce, influenced by sectoral shifts and policy dynamics.
 | ReplyForwardAdd reaction |
