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Let's chat about some key takeaways from the latest Labor Force Survey for November 2024. If you're into numbers and trends, this one’s for you.

Employment on the Rise

First off, the employment rate is looking pretty solid at 96.8%. That’s a slight bump up from last year’s 96.4% and October's 96.1%. Even though we’ve got fewer people employed compared to November 2023 (49.54 million vs. 49.64 million), the steady increase over the year is promising.

Unemployment Sees a Dip

On the flip side, the unemployment rate dropped to 3.2%, down from 3.6% in November 2023 and 3.9% in October 2024. That means fewer people are jobless – a win for the economy!

Who’s in the Workforce?

The Labor Force Participation Rate (LFPR) stands at 64.6%, a bit lower than last year’s 65.9%. It translates to about 51.20 million Filipinos aged 15 and over being part of the workforce.

Working Hours and Underemployment

Employed folks clocked in an average of 41.1 hours per week, which is slightly more than last year’s 40.2 hours. Plus, the underemployment rate is down to 10.8% – that’s fewer people wanting more work than they currently have.

Sector Shifts

The services sector remains the heavyweight champ, employing 62.1% of the working population. Agriculture and industry follow, but there’s a notable drop in agriculture jobs by 1.99 million. Manufacturing, on the other hand, added a healthy 784,000 jobs.

Wage and Salary Trends

Most folks are still working for private establishments, making up 63.8% of the employed population. Government jobs come next, followed by self-employed workers.

Youth Participation

The youth labor force participation rate dropped to 32.4% from 34.4% last year, with their employment rate slightly dipping to 90.6%.

In a nutshell, November 2024 brought some good news with rising employment and lower unemployment rates. However, there are areas like agriculture that could use some attention. Overall, the labor market’s looking up, and we can’t wait to see what the coming months bring.