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2.11 M Fils jobless in May, rate narrows to 4.1%
By Nidz Godino
Philippine Statistics Authority (PSA) said Philippine unemployment rate in May edged lower to 4.1% or 2.11 million Filipinos from 4.3% or 2.11 million last year, suggesting modest improvement in job market.
Month-to-month data from PSA reveals some weakness, with unemployment rising by 65,000 persons from April to May 2024.
Employment figures show positive growth, with number of employed persons increasing by 605,000 year-over-year to 48.87 million in May 2024. This pushes employment rate up slightly to 95.9% from 95.7% in previous year.
Notable improvement was underemployment figure, saw substantial decrease. Underemployment rate fell from 11.7% in May 2023 to 9.9% in May 2024, representing reduction of 846,000 underemployed persons over the year.
This suggests more workers are finding adequate employment to meet their needs or adding desired work hours.
Labor force participation rate showed marginal decline, dropping from 65.3% (50.43 million) in May 2023 to 64.8% in May 2024 (50.97 million).
Despite this slight decrease in participation rate, overall labor force grew by 544,000 persons year-on-year, reaching 50.97 million in May 2024. April-May unemployment rate, suggests job creation is struggling to keep pace with growing workforce.
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