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Let’s dive into the latest highlights from the August 2024 Labor Force Survey. Spoiler alert: things are looking up for the job market!

Employment on the Rise

In August 2024, the country’s employment rate jumped to 96.0 percent, which is a slight but meaningful increase from 95.6 percent in August 2023 and 95.3 percent in July 2024. This means that out of the 51.22 million Filipinos aged 15 and over who were part of the labor force, a whopping 49.15 million were employed—higher than the previous figures of 48.07 million in August 2023 and 47.70 million in July 2024.

Unemployment Takes a Dip

The unemployment rate also saw some good news, dropping to 4.0 percent in August 2024, down from 4.4 percent in August 2023 and 4.7 percent in July 2024. In terms of actual numbers, that’s about 2.07 million Filipinos without jobs, which is fewer compared to 2.22 million a year ago and 2.38 million just last month.

Labor Force Participation Picks Up

More people are getting into the workforce, too! The labor force participation rate (LFPR) increased to 64.8 percent in August 2024, slightly up from 64.7 percent in August 2023 and notably higher than the 63.5 percent recorded in July 2024. This means more Filipinos are either working or actively seeking jobs.

Sector Spotlight: Where Are the Jobs?

The services sector continues to be the job market heavyweight, employing 63.3 percent of the workforce. The agriculture and industry sectors trail behind, with shares of 19.3 percent and 17.4 percent, respectively.

On an annual basis, wholesale and retail trade; repair of motor vehicles and motorcycles posted the largest employment increase, adding 1.13 million jobs. Other sectors such as public administration and defense, accommodation and food service, and transportation and storage also showed substantial gains. On the flip side, agriculture and forestry saw the largest decline in employment, losing 1.68 million jobs, followed by drops in fishing and aquaculture.

Wage and Salary Workers Dominate

Wage and salary workers still make up the majority of employed persons, accounting for 62.4 percent of the total. Of these, those working in private establishments held the biggest chunk at 76.4 percent. Government or government-controlled corporations followed with 16.2 percent.

Youth Participation Down, But Employment Up

Youth labor force participation dropped slightly to 33.2 percent in August 2024, compared to 34.9 percent in August 2023. However, the good news is that youth employment rate climbed to 88.0 percent, up from 87.7 percent last year.

So, What’s the Big Picture?

Overall, August 2024 paints a promising picture for the Philippine labor market. Employment rates are up, more people are joining the workforce, and the number of unemployed individuals is going down. However, some sectors like agriculture and fishing are struggling to keep pace, reflecting ongoing challenges in these industries.

With these trends, it will be interesting to see how the job market shapes up in the coming months. Stay tuned!