Construction is by far the industry that generated the most new jobs in June 2024 compared to the same month last year
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In the Labor Force Survey of the Philippine Statistics Authority , the Philippines’ unemployment rate improved to 3.1% in June 2024, equivalent to 1.62 million Filipinos. This is lower than the 4.1% or 2.11 million Filipinos in May 2024, and the 4.5% or 2.33 million Filipinos in June 2023. Underemployed individuals refer to those who are employed but want “additional hours of work in their present job or to have additional job, or to have a new job with longer hours of work.”
A few days before June’s labor data was released, the country’s chief economic planner also highlighted how these employment figures don’t accurately capture job quality. National Economic and Development Authority Secretary Arsenio Balisacan said that even if the employment rate is high, some of the jobs were “not the kind of employment that we really want our population to have.”
“Our expectation is that this will continue. Of course, there are threats, but so far, the numbers that we’re seeing — particularly this June wherein we have a low unemployment rate despite the huge increase in our labor force participation rate — is positive,” Mapa said in a mix of English and Filipino.Construction was by far the industry that generated the most new jobs year-on-year. It added 939,000 new jobs in June 2024, bringing the total number of Filipinos employed in construction to 5.
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