The unemployment rate in October eased to 4.2 percent, matching the rate in November last year, as agriculture generated around 400,000 jobs compared with the level in September to more than make up for the slack in services and industry.
The figure translates to 2.09 million Filipinos who were looking for work but didn’t secure employment in October, a number that is lower than the 2.22 million posted in the same period last year.
Data from the Philippine Statistics Authority show that of the 47.8 million jobs recorded in October, 10.6 million was accounted for by agriculture, a figure that is higher than the 10.2 million posted in September, underscoring the transitory nature of employment in the farm sector. The employment rate for October is 95.8 percent, the highest since April 2005, according to the PSA.
In September, the number of employed Filipinos stood at 47.7 million.
PSA data show the services sector remain the main source of employment in October even though the number slipped to 28.7 million from 28.8 million in September. Industry, meantime, recorded 8.5 million jobs in October, down from 8.6 million in September.
The October print show a 63.9 percent labor force participation rate, or the number of Filipinos between 15 and 65 years old who are working or looking for jobs. The figure was lower than the 64.1 percent in October last year but higher than the 60.1 percent posted in July.
The underemployment rate rose to 11.7 percent in October from 10.7 percent in September, likely due to the increase in agriculture-related jobs. The underemployment rate was 14.2 percent in October last year.
