Photo credit: DMW

The unemployment rate in the Philippines hit 4.7% in July 2024, a slight improvement from the 4.9% recorded in July 2023. However, it's still a bump up from the 4.0% posted in April 2024.

Despite this lower rate, the total number of unemployed Filipinos grew to 2.38 million in July 2024, compared to 2.29 million in July 2023 and 2.04 million in April 2024. This rise suggests that while the percentage may have decreased, more people are still actively looking for work.

On the flip side, the employment rate in the country increased slightly to 95.3% in July 2024, compared to 95.1% the same time last year. But it’s worth noting that this is a drop from April 2024’s 96.0%. With 47.7 million people employed in July 2024, the numbers are up from July 2023’s 44.56 million, but down from April 2024’s 48.36 million.

The labor force participation rate (LFPR) also saw a boost, rising to 63.5% in July 2024, from 60.0% in July 2023. This increase indicates that more Filipinos aged 15 and above are either employed or actively seeking work. The total number of people in the labor force was 50.07 million in July 2024, compared to 46.85 million in July 2023.

Workers clocked an average of 41.1 hours per week in July 2024, a bit less than the 42.4 hours in July 2023, but still higher than the 40.5 hours in April 2024.

The underemployment rate, which reflects the number of people wanting more hours or better jobs, dropped to 12.1% in July 2024, down from 15.9% in July 2023 and 14.6% in April 2024. This is a positive sign, with 5.78 million people expressing a desire for additional work hours or jobs in July 2024.

The services sector continued to dominate employment, accounting for 60.8% of all employed persons. Agriculture and industry sectors followed, contributing 21.2% and 18.0%, respectively.

Sub-sectors like wholesale and retail trade, agriculture, and food service activities saw the biggest gains in employment. However, manufacturing, professional services, and information and communication sectors faced declines.

Wage and salary workers made up the largest portion of the workforce, with private establishments being the biggest employers. On the other hand, NCR recorded the highest unemployment rate at 6.5%, while the Cordillera region had the lowest at 2.3%.

Youth participation in the labor force also increased, although their employment rate slightly dipped to 85.2%. But there was good news for young people, with a decrease in those not in education, employment, or training (NEET).

In summary, while the unemployment rate has improved slightly, the overall picture shows a growing number of job seekers and fluctuating employment levels across different sectors.