The Philippine Statistics Authority (PSA) reported a decrease in the unemployment rate in November 2024, attributed to increased demand for workers during the holiday season.
The number of unemployed Filipinos decreased in November 2024, coinciding with an increase in demand for workers during the 'ber' months leading up to the holiday season , according to the Philippine Statistics Authority (PSA) on Wednesday. In a press conference, PSA Chief and National Statistician Claire Dennis Mapa stated that the number of unemployed individuals aged 15 and above reached 1.66 million. This is lower compared to 1.97 million in October 2024.
When compared to the same month last year, the number of unemployed Filipinos in November 2024 also decreased from 1.83 million recorded in November 2023. Out of the 51.20 million Filipinos in the labor force seeking jobs and livelihood during the period mentioned, the unemployment rate dropped to 3.2% in November, lower than the 3.9% recorded in October 2024. Meanwhile, the number of employed individuals increased to 49.54 million in November 2024 from 48.16 million in October 2024. However, this is slightly lower compared to 49.64 million in November 2023. This corresponds to an employment rate of 96.8%, higher than the 96.1% recorded in October. Mapa attributed the positive labor statistics to the seasonal demand for workers during the holiday season. Particularly, there was an increase of over 500,000 workers employed in accommodation and food service activities in November. The top five sub-sectors with the largest annual increase in employees in November 2024 were: Manufacturing - 784,000, Accommodation and food service activities - 528,000, Human health and social work activities - 303,000, Other service activities - 239,000, and Transportation and storage - 190,000. Meanwhile, the four sub-sectors with the largest annual decrease in the number of employees were: Agriculture and forestry -
Unemployment Philippines Holiday Season Labor Market Demand
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