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Advocates Philippines
Employment Snapshot: January 2024 Reveals Shifts In Rates And Sectors
Photo credit: DMW
In January 2024, the country's employment rate reached 95.5%, a slight increase from January 2023 (95.2%) but lower than October 2023 (95.8%). The number of employed individuals decreased to 45.94 million, compared to 47.35 million last year and 47.80 million in October 2023.
Unemployment rate dropped to 4.5%, down from 4.8% in January 2023 but higher than the 4.2% recorded in October 2023. The labor force participation rate declined to 61.1% in January 2024.
With 2.15 million unemployed, the country experienced fluctuations from 2.38 million in January 2023 and 2.09 million in October 2023. Average weekly hours worked increased to 42.1.
Underemployment rate in January 2024 was 13.9%, lower than January 2023 (14.1%) but higher than October 2023 (11.7%). About 6.39 million desired additional work hours.
Services sector led employment at 60.2%, with agriculture and industry sectors at 21.4% and 18.4%, respectively.
Top five sub-sectors with the highest annual increases in employed persons: Construction, Transportation and storage, Administrative and support service activities, Fishing and aquaculture, and Other service activities.
Top five sub-sectors with the highest annual decreases: Wholesale and retail trade; repair of motor vehicles and motorcycles, Agriculture and forestry, Public administration and defense; compulsory social security, Manufacturing, and Information and communication.
Wage and salary workers constituted 67.1% of employed persons, with private establishments employing the majority (79.3%). Youth LFPR dropped to 29.6%, youth employment rate at 86.5%, and the proportion of NEET youth increased to 13.8%.
CALABARZON posted the highest unemployment rate (5.9%), while Cagayan Valley and Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) had the lowest at 2.9% each.
Unemployment rate dropped to 4.5%, down from 4.8% in January 2023 but higher than the 4.2% recorded in October 2023. The labor force participation rate declined to 61.1% in January 2024.
With 2.15 million unemployed, the country experienced fluctuations from 2.38 million in January 2023 and 2.09 million in October 2023. Average weekly hours worked increased to 42.1.
Underemployment rate in January 2024 was 13.9%, lower than January 2023 (14.1%) but higher than October 2023 (11.7%). About 6.39 million desired additional work hours.
Services sector led employment at 60.2%, with agriculture and industry sectors at 21.4% and 18.4%, respectively.
Top five sub-sectors with the highest annual increases in employed persons: Construction, Transportation and storage, Administrative and support service activities, Fishing and aquaculture, and Other service activities.
Top five sub-sectors with the highest annual decreases: Wholesale and retail trade; repair of motor vehicles and motorcycles, Agriculture and forestry, Public administration and defense; compulsory social security, Manufacturing, and Information and communication.
Wage and salary workers constituted 67.1% of employed persons, with private establishments employing the majority (79.3%). Youth LFPR dropped to 29.6%, youth employment rate at 86.5%, and the proportion of NEET youth increased to 13.8%.
CALABARZON posted the highest unemployment rate (5.9%), while Cagayan Valley and Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) had the lowest at 2.9% each.
Mar 8, 2024
