The country’s unemployment rate continued to decline in November 2024, easing to a 3.2 percent, as businesses prepare for the expected increase in demand for goods and services during the Christmas holidays.
The November jobless rate was an improvement from 3.6 percent in November 2023 and 3.9 percent posted in October last year, signaling strengthening economic activity.
In absolute terms, the number of unemployed persons in November stood at 1.66 million, a decrease from 1.83 million in November 2023 and 1.97 million in October. The drop is partly attributed to the seasonal uptick in employment opportunities tied to retail, services, and logistics sectors gearing up for the holiday rush.
The number of employed in November was recorded at 49.54 million, slightly lower than the 49.64 million posted in November 2023 but up from 48.16 million in October.
While the labor force participation rate declined slightly to 64.6 percent from 65.9 percent in November 2023, it still reflects a steady number of Filipinos entering the workforce. The LFPR for the month translates to 51.20 million Filipinos aged 15 and above actively participating in the labor market.
Underemployment also saw a decrease, dropping to 10.8 percent in November from 11.7 percent a year-earlier, signaling more individuals finding stable full-time employment. The services sector remained dominant in job creation, contributing 62.1 percent of the workforce, with significant gains in manufacturing, accommodation and food services, and healthcare.
These encouraging employment figures suggest a promising end to 2024, with economic activity expected to continue rising as the country approaches the peak of its holiday shopping season.
