2.11 MILLION UNEMPLOYED FILIPINOS IN MAY 2024 - PSA

Number of jobless Filipinos rose in the month of May 2024 based on the report of statistics agency (Photo courtesy of Philippine Daily Inquirer)

As of May 2024, the unemployment rate in the country increases to 2.11 million from 2.04 million in April according to the Philippine Statistics Authority (PSA). PSA chief and National Statistician Claire Dennis Mapa said that a 4.1 percent unemployment rate was recorded in May.

Based on the statistics agency’s Labor Force Survey (LFS), the unemployment rate moved at its highest pace in four months but is still lower than the 4.3 percent in May 2023, rising by 65,000 persons from April to May 2024.

The sub-sectors with the largest drop in the number of employed individuals month-on-month were Accommodation and food services activities with less 322,000; Fishing and aquaculture loosing 241,000; administrative and support service (-135,000); 101,000 decreased on Professional, scientific, and technical; and on the other services 74,000 was reduced.

While underemployment rate increased to 9.9 percent in May from 14.6 percent in the previous months or 4.82 million out of the 48.87 million employed. Underemployed are employed individuals but still seeking for more work or longer working hours

May’s employment rate fell to 95.9 percent which was lower than the 96 percent recorded in April. As of May, there were 48.87 million employed Filipinos higher than the 48.36 million in the previous month.

Despite this, five sub-sectors had a large increase in the number of employed individuals including Agriculture and forestry with 610,000 increase; 391,000 in Construction; Public administration and defense compulsory social security added 309,000; Education plus 116,000; and 107,000 in Manufacturing.

Source: Philippine Daily Inquirer

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