The unemployment rate eased to 3.1 percent in June, down from 4.1 percent in May and 4.5 percent in the same month last year, helped by greater job availability in construction, wholesale and retail, manufacturing, transportation, and hospitality, the Philippine Statistics Authority said Wednesday.
The PSA said the economy created more jobs that cut the number of unemployed to 1.62 million in June from 2.11 million in May and 2.33 million in June last year.
Data showed an employment rate of 96.9 percent, surpassing the 95.9 percent posted in May and the 95.5 percent reported in June last year. This translates to 50.28 million workers, up from 48.87 million in May and 48.84 million a year earlier .
The labor force participation rate was 66.0 percent, up from 64.8 percent in May but slightly down from 66.1 percent in June 2023. This equates to 51.90 million people aged 15 and over in the labor force, compared to 50.97 million in May and 51.17 million in June last year.
Average weekly working hours increased to 40.9 hours in June 2024, up from 40.6 hours in May and 40.0 hours a year earlier.
Underemployment rate, however, rose to 12.1 percent from 9.9 percent in May and 12.0 percent in June last year. This means 6.08 million of the employed individuals desired more hours or additional work in June.
By industry, the services sector continued to lead with 58.7 percent of total employment, followed by agriculture at 21.1 percent and industry at 20.2 percent.
Wage and salary workers made up 63.8 percent of the workforce, followed by self-employed individuals at 27.0 percent and unpaid family workers at 5 percent. Employers in family-operated businesses accounted for the smallest share at 1.7 percent.
Among wage and salary workers, those employed in private establishments comprised 80.5 percent of the total employed, while government or government-controlled corporations employed 12.5 percent of wage and salary workers.
Youth employment saw an increase to 91.4 percent in June 2024, up from 88.8 percent in May and 88.4 percent in the same month last year. However, underemployment among the youth rose to 12.9 percent, up from 10.2 percent in May and 8.5 percent in June 2023.
