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Advocates Philippines
Employment Rate In June 2023 Was Estimated At 95.5 Percent In The Philippines
Photo credit: DMW
The employment landscape in the Philippines continues to show robust growth as the country's employment rate for June 2023 reached an impressive 95.5 percent, according to data released by the National Statistical Coordination Board (NSCB). This figure marks a noticeable increase from the 94.0 percent recorded in the same period last year.
While slightly lower than May 2023's figure of 95.7 percent, the June 2023 employment rate still signals a strong economy and a steady flow of opportunities for the Filipino workforce. A deeper look into the statistics reveals that the number of employed individuals surged to 48.84 million in June 2023, a considerable rise from the 46.59 million reported in June 2022. May 2023 saw a similarly promising count of 48.26 million employed persons.
The tide of unemployment also saw significant improvement. In June 2023, the number of unemployed persons dipped to 2.33 million, showcasing a remarkable year-on-year decline of 663 thousand. This figure, however, represents a modest increase of 159 thousand from May 2023.
The unemployment rate in June 2023 registered at a commendable 4.5 percent, a drop from the 6.0 percent reported in June the prior year. May 2023 exhibited an unemployment rate of 4.3 percent, consolidating the trend of a more resilient job market.
Labor Force Participation Rate (LFPR) also echoed positive trends, reaching 66.1 percent in June 2023. Comparing it to the rates recorded in June 2022 (64.8%) and May 2023 (65.3%), it is evident that the workforce is embracing more opportunities.
One noteworthy aspect is the average hours worked by employed individuals. For June 2023, the average weekly work hours increased slightly to 40.0 hours. This is a marginal decrease from June 2022's average of 40.3 hours but shows a clear upswing from May 2023's 39.3 hours per week.
A notable aspect in the employment landscape is the underemployment rate. Standing at 12.0 percent in June 2023, it signifies that 5.87 million Filipinos in employment are seeking more hours, additional jobs, or new positions with extended working hours. While a decrease from the 12.6 percent in June 2022, there was a slight uptick from May 2023's 11.7 percent.
In terms of sectors, the services industry retained its dominance, accounting for 58.2 percent of employed individuals. Agriculture and industry sectors contributed 23.8 percent and 18.0 percent, respectively.
Further analysis of the data reveals the top five sub-sectors with the highest annual increments in employed individuals from June 2022 to June 2023. Were Accommodation and food service activities (612 thousand), Agriculture and forestry (457 thousand), Wholesale and retail trade; repair of motor vehicles and motorcycles (358 thousand), Other service activities (268 thousand) and Public administration and defense; compulsory social security (219 thousand).
Conversely, sub-sectors experiencing a notable drop in employed individuals during the same period includesFishing and aquaculture (-233 thousand), Manufacturing (-99 thousand), Professional, scientific and technical activities (-65 thousand), Mining and quarrying (-62 thousand) and Information and communication (-45 thousand).
Among employed individuals, wage and salary workers remained the largest group at 61.5 percent. Self-employed individuals without paid employees followed at 27.1 percent, and unpaid family workers comprised 9.5 percent. Employers in family-operated farms or businesses constituted the smallest share at 1.9 percent.
Among wage and salary workers, those in private establishments took the lead with 47.6 percentage points, while government or government-controlled corporation workers stood at 9.4 percentage points, and private household workers accounted for 4.2 percentage points.
The youth employment landscape painted an encouraging picture as well. The youth employment rate was estimated at 90.1 percent in June 2023, an increase from 88.2 percent in June 2022. Youth unemployment dropped to 9.9 percent, representing a considerable improvement from previous years.
While slightly lower than May 2023's figure of 95.7 percent, the June 2023 employment rate still signals a strong economy and a steady flow of opportunities for the Filipino workforce. A deeper look into the statistics reveals that the number of employed individuals surged to 48.84 million in June 2023, a considerable rise from the 46.59 million reported in June 2022. May 2023 saw a similarly promising count of 48.26 million employed persons.
The tide of unemployment also saw significant improvement. In June 2023, the number of unemployed persons dipped to 2.33 million, showcasing a remarkable year-on-year decline of 663 thousand. This figure, however, represents a modest increase of 159 thousand from May 2023.
The unemployment rate in June 2023 registered at a commendable 4.5 percent, a drop from the 6.0 percent reported in June the prior year. May 2023 exhibited an unemployment rate of 4.3 percent, consolidating the trend of a more resilient job market.
Labor Force Participation Rate (LFPR) also echoed positive trends, reaching 66.1 percent in June 2023. Comparing it to the rates recorded in June 2022 (64.8%) and May 2023 (65.3%), it is evident that the workforce is embracing more opportunities.
One noteworthy aspect is the average hours worked by employed individuals. For June 2023, the average weekly work hours increased slightly to 40.0 hours. This is a marginal decrease from June 2022's average of 40.3 hours but shows a clear upswing from May 2023's 39.3 hours per week.
A notable aspect in the employment landscape is the underemployment rate. Standing at 12.0 percent in June 2023, it signifies that 5.87 million Filipinos in employment are seeking more hours, additional jobs, or new positions with extended working hours. While a decrease from the 12.6 percent in June 2022, there was a slight uptick from May 2023's 11.7 percent.
In terms of sectors, the services industry retained its dominance, accounting for 58.2 percent of employed individuals. Agriculture and industry sectors contributed 23.8 percent and 18.0 percent, respectively.
Further analysis of the data reveals the top five sub-sectors with the highest annual increments in employed individuals from June 2022 to June 2023. Were Accommodation and food service activities (612 thousand), Agriculture and forestry (457 thousand), Wholesale and retail trade; repair of motor vehicles and motorcycles (358 thousand), Other service activities (268 thousand) and Public administration and defense; compulsory social security (219 thousand).
Conversely, sub-sectors experiencing a notable drop in employed individuals during the same period includesFishing and aquaculture (-233 thousand), Manufacturing (-99 thousand), Professional, scientific and technical activities (-65 thousand), Mining and quarrying (-62 thousand) and Information and communication (-45 thousand).
Among employed individuals, wage and salary workers remained the largest group at 61.5 percent. Self-employed individuals without paid employees followed at 27.1 percent, and unpaid family workers comprised 9.5 percent. Employers in family-operated farms or businesses constituted the smallest share at 1.9 percent.
Among wage and salary workers, those in private establishments took the lead with 47.6 percentage points, while government or government-controlled corporation workers stood at 9.4 percentage points, and private household workers accounted for 4.2 percentage points.
The youth employment landscape painted an encouraging picture as well. The youth employment rate was estimated at 90.1 percent in June 2023, an increase from 88.2 percent in June 2022. Youth unemployment dropped to 9.9 percent, representing a considerable improvement from previous years.
Aug 9, 2023
