The unemployment rate eased to 4.0 percent in August, with the economy creating more jobs, particularly in the services sector.The August print is down from 4.4 percent in August 2023 and 4.7 percent last July.
The Philippine Statistics Authority said Tuesday the August jobless data represent 2.07 million unemployed persons compared to 2.22 million in August last year and 2.38 million last July.
Employment rate stood at 96 percent in August, or a total 49.15 million employed Filipinos, up from 47.70 million in July. The figure was an increase from 95.6 percent in August last year, a number equivalent to 48.07 million.
The labor force participation rate rose to 64.8 percent, slightly above 64.7 percent in August 2023 and significantly higher than 63.5 percent in July. This means approximately 51.22 million Filipinos aged 15 and over were part of the labor force, an increase from 50.29 million in August 2023 and 50.07 million in July.
On average, employed individuals worked 40.7 hours per week, a decrease from 40.8 hours in August 2023 and 41.1 hours in July 2024.
The underemployment rate also fell to 11.2 percent, down from 11.7 percent in August 2023 and 12.1 percent in July. Around 5.48 million of the employed expressed a desire for additional work hours or new job opportunities.
The services sector remained the largest employer, accounting for 63.3 percent of the total workforce, followed by agriculture at 19.3 percent and industry at 17.4 percent.
The top sub-sector with the highest annual increases in employment is wholesale and retail trade; repair of motor vehicles and motorcycles at 1.13 million.
Conversely, job losses were most pronounced in agriculture and forestry at 1.68 million and fishing and aquaculture at 628,000.
Wage and salary workers comprised 62.4 percent of total employment, followed by self-employed individuals without paid employees at 28.3 percent) and unpaid family workers at 6.9 percent.
