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Manila Bulletin devider Business devider Unemployment rate dips to 4.2% in October

Unemployment rate dips to 4.2% in October

Published Dec 7, 2023 03:09 am

At A Glance

  • The Philippine Statistics Authority (PSA) reported unemployment rate dipped to 4.2 percent or 2.9 million individuals.
  • This is lower compared to the 4.5 percent recorded in the same month last year and 4.8 percent in July this year. 
  • It was also the lowest reading since November last year.
  • National Statistician Claire Dennis M. Mapa said that the lower October reading may be attributed to increase in employed persons at 47.80 million.
  •  

The country had fewer unemployed persons in October this year at 4.2 percent or 2.9 million individuals, according to a report by the Philippine Statistics Authority (PSA).

This was significantly lower than the 4.5 percent recorded in the same month last year, and 4.8 percent in July this year. It was also the lowest reading since November last year.

The increase in employed persons may be attributed to the lower October reading, National Statistician Claire Dennis S. Mapa said.

There were over 47.80 million employed individuals during the month from 47.6 million in October 2022, bringing the labor force participation rate to 63.9 percent.

Mapa also said that the holiday season, which is seen to provide more job opportunities, contributed to the November reading.

On a quarterly basis, wholesale and retail trade industry saw the highest increase at 1.46 million and agriculture at 1.9 million, and accommodation and food service activities at over 236,000.

Meanwhile, the underemployed individuals also dipped to 5.60 million or 11.7 percent, down from 14.2 percent in the same month last year and 15.9 percent in July.

Of the regions, the highest unemployment rate was noted in Metro Manila at 5.4 percent while the lowest was seen in Davao region at 2.9 percent.

Related Tags

Philippine Statistics Authority Claire Dennis S. Mapa Unemployment rate Labor Force Survey
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