Unemployment rate in October 2024 slightly dropped to 3.9 percent from 4.2 percent in the same period last year, the Philippine Statistics Authority (PSA)
Unemployment rate in October 2024 slightly dropped to 3.9 percent from 4.2 percent in the same period last year, the Philippine Statistics Authority said Friday.
The PSA said that in terms of magnitude, the number of unemployed individuals in October 2024 reached 1.97 million, lower than 2.09 million in October 2023. It was, however, higher than 1.89 million in September. Finance Secretary Ralph Recto said this means that the labor market continues to improve, and the country is on the right track. “But we won’t stop because the government will continue its programs to provide more quality jobs and help Filipinos increase their income and lift themselves out of poverty,” Recto said.
However, the underemployment rate experienced a slight uptick, increasing to 12.6 percent from 11.7 percent in the same month last year. This translates into 486,000 additional underemployed individuals seeking more working hours, primarily from the wholesale and retail trade, agriculture, and forestry sectors.
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