According to the S&P Global Philippines Manufacturing Purchasing Managers' Index (PMI) data released on Wednesday,…
PH unemployment drops down to 4.5% in October
The country’s jobless rate fell down to 4.5 percent in October 2022 from 5 percent in September this year, the Philippine Statistics Authority (PSA) stated Wednesday.
In a news briefing, PSA chief and national statistician Undersecretary Dennis Mapa announced the Philippines achieved the same jobless rate in October 2019.
October 2022 jobs data also indicated the lowest unemployment rate in the country since the commencement of the coronavirus disease 2019 (Covid-19) (Covid-19).
The number of jobless Filipinos has reduced from 3.5 million in October 2021 to 2.24 million in October this year.
PSA stated that October’s labor force participation rate stood at 64.2 percent, lower than 65.2 percent in September.
Mapa noted a seasonal component in the fall in labor force participation, especially between July and October 2022 statistics.
He added as students were on school leave in July, many individuals aged 15 to 24 years joined the work field in that month. With the school reopening, these age groupings returned to school.
Some 49.35 million Filipinos were workforce members in October, with around 47.11 million persons having jobs.
Arsenio Balisacan, secretary of socioeconomic planning, said in a statement that “the country’s continuous recovery of the labor market backs our confidence that our policies and initiatives to revitalize our economy are succeeding.”
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