NATIONAL
Advocates Philippines
Job Gains, Lower Unemployment: Highlights Of The October 2024 Labor Force Survey
FILE
The Philippines is making strides in the labor market, as the unemployment rate dropped to 3.9% in October 2024, down from 4.2% a year ago and 4.7% in July 2024. This translates to 1.97 million unemployed individuals, a notable improvement from 2.38 million just months prior.
Employment is also up, with 48.16 million Filipinos employed, a rise from 47.79 million in October 2023. The employment rate hit 96.1%, surpassing last year’s 95.8%. Notably, the services sector dominated, employing 61% of workers, while agriculture and industry followed.
However, challenges remain. Underemployment rose to 12.6%, affecting 6.08 million workers seeking more hours or better jobs. The labor force participation rate (63.3%) slightly dipped, and youth engagement in work or training showed room for improvement.
Regionally, CALABARZON reported the highest unemployment rate (5.7%), while CAR had the lowest (2.3%). Despite mixed sectoral trends, administrative support, food services, and transportation saw strong job growth.
The figures reflect progress and underline areas for policy focus, especially in youth employment and underemployment.
Employment is also up, with 48.16 million Filipinos employed, a rise from 47.79 million in October 2023. The employment rate hit 96.1%, surpassing last year’s 95.8%. Notably, the services sector dominated, employing 61% of workers, while agriculture and industry followed.
However, challenges remain. Underemployment rose to 12.6%, affecting 6.08 million workers seeking more hours or better jobs. The labor force participation rate (63.3%) slightly dipped, and youth engagement in work or training showed room for improvement.
Regionally, CALABARZON reported the highest unemployment rate (5.7%), while CAR had the lowest (2.3%). Despite mixed sectoral trends, administrative support, food services, and transportation saw strong job growth.
The figures reflect progress and underline areas for policy focus, especially in youth employment and underemployment.
Dec 6, 2024
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