NATIONAL
Advocates Philippines
Robust Job Market Boosts Nation's Economy: Unemployment Drops To 3.1% In December 2023
Photo credit: DMW
In a promising turn of events, the Philippines witnessed a significant decline in its unemployment rate, marking a positive trend in the labor market. According to the latest data released by the National Statistics Office, the country's unemployment rate in December 2023 dropped to 3.1%, showcasing a remarkable improvement from 4.3% in December 2022 and 3.6% in November 2023.
Employment Surges, Underemployment Declines
The employment rate soared to 96.9% in December 2023, up from 95.7% in December 2022 and 96.4% in November 2023. The number of employed individuals reached 50.52 million, a notable increase from 49.00 million in December 2022 and 49.64 million in November 2023.
Underemployment saw a decrease, with a rate of 11.9% in December 2023, compared to 12.6% in December 2022. However, it edged slightly higher than the 11.7% recorded in November 2023.
Industry Insights and Sectoral Shifts
The services sector continued to dominate the labor market, constituting 57.3% of the employed population, while the agriculture and industry sectors accounted for 24.4% and 18.3%, respectively.
Top-performing sub-sectors in terms of annual employment growth included Construction, Agriculture and forestry, Accommodation and food service activities, Transportation and storage, and Human health and social work activities
Conversely, Wholesale and retail trade; repair of motor vehicles and motorcycles, Administrative and support service activities, Fishing and aquaculture, Financial and insurance activities, and Arts and entertainment experienced declines in employment.
Noteworthy Sectoral Changes
The Manufacturing sector stood out with the highest month-on-month increase in the number of employed persons, followed by Construction, Agriculture and forestry, Accommodation and food service activities, and Public administration and defense.
On the flip side, Wholesale and retail trade; repair of motor vehicles and motorcycles, Administrative and support service activities, Transportation and storage, Fishing and aquaculture, and Financial and insurance activities witnessed the largest drop in employment from November 2023 to December 2023.
Demographic and Employment Structure
Wage and salary workers constituted the majority of the employed population, comprising 62.7%. Private establishments employed the highest share of wage and salary workers, followed by government or government-controlled corporations.
Youth employment displayed positive growth, with a rate of 91.8% in December 2023. However, concerns arise as 11.6% of employed youth were underemployed, indicating a need for targeted measures to address this issue.
In conclusion, the latest employment figures reflect a robust and expanding job market in the Philippines, providing optimism for the nation's economic outlook in the coming months.
Employment Surges, Underemployment Declines
The employment rate soared to 96.9% in December 2023, up from 95.7% in December 2022 and 96.4% in November 2023. The number of employed individuals reached 50.52 million, a notable increase from 49.00 million in December 2022 and 49.64 million in November 2023.
Underemployment saw a decrease, with a rate of 11.9% in December 2023, compared to 12.6% in December 2022. However, it edged slightly higher than the 11.7% recorded in November 2023.
Industry Insights and Sectoral Shifts
The services sector continued to dominate the labor market, constituting 57.3% of the employed population, while the agriculture and industry sectors accounted for 24.4% and 18.3%, respectively.
Top-performing sub-sectors in terms of annual employment growth included Construction, Agriculture and forestry, Accommodation and food service activities, Transportation and storage, and Human health and social work activities
Conversely, Wholesale and retail trade; repair of motor vehicles and motorcycles, Administrative and support service activities, Fishing and aquaculture, Financial and insurance activities, and Arts and entertainment experienced declines in employment.
Noteworthy Sectoral Changes
The Manufacturing sector stood out with the highest month-on-month increase in the number of employed persons, followed by Construction, Agriculture and forestry, Accommodation and food service activities, and Public administration and defense.
On the flip side, Wholesale and retail trade; repair of motor vehicles and motorcycles, Administrative and support service activities, Transportation and storage, Fishing and aquaculture, and Financial and insurance activities witnessed the largest drop in employment from November 2023 to December 2023.
Demographic and Employment Structure
Wage and salary workers constituted the majority of the employed population, comprising 62.7%. Private establishments employed the highest share of wage and salary workers, followed by government or government-controlled corporations.
Youth employment displayed positive growth, with a rate of 91.8% in December 2023. However, concerns arise as 11.6% of employed youth were underemployed, indicating a need for targeted measures to address this issue.
In conclusion, the latest employment figures reflect a robust and expanding job market in the Philippines, providing optimism for the nation's economic outlook in the coming months.
Feb 7, 2024
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