The Philippine Statistics Authority (PSA) announced on Tuesday that the country's inflation rate fell to…
The lowest unemployment rate in PH since the start of Covid-19
According to a study released on Tuesday by the Philippine Statistics Authority (PSA), the unemployment rate in September 2022 was 5%, the lowest level in more than two years.
Dennis Mapa, the head of PSA and undersecretary for statistics at the national level, announced at a press conference that there were 2.5 million unemployed Filipinos in September, down from 2.68 million the month before.
Additionally, there were 1.78 million fewer unemployed Filipinos during the month than there were a year earlier (4.28 million).
In Filipino, Mapa said, “This means that 50 out of every 1,000 people in the workforce are unemployed.”
In contrast, the employment rate in September 2022 was 95%, meaning that 47.58 million Filipinos were employed.
This is greater than the employment rate of 94.7 percent in August 2022 and 91.1 percent in September 2021.
He picked the industries with the biggest monthly job growth. These include manufacturing (780,000 more employment), education (159,000 more jobs), public administration and defense (128,000 more jobs), transportation and storage (56,000 more jobs), and real estate (13,000 more jobs).
Additionally, the underemployment rate grew from 14.7 percent to 15.4 percent in September of this year. This indicates that 296,000 more Filipinos who are employed desire to work extra hours at their current job or at a different one.
Despite difficulties with inflation, Mapa is confident that the nation will maintain an unemployment rate of around 5% for the rest of the year.
He noted that the average jobless rate for this year, which is 5.1 percent in 2019, is nearly at the pre-pandemic level.
According to Mapa, the average unemployment rate during the first nine months of the year was 5.8%.
In April 2020, the nation’s unemployment rate reached 17.6 percent, it’s the highest level since the Covid-19 pandemic began.
In 2020, the average unemployment rate was 10.4%.
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