NATIONAL
Advocates Philippines
September 2024 Labor Market Gains: Lower Unemployment And Higher Participation Rates Fuel Optimism
Job Fair. Photo courtesy of Provincial PESO - Negros Oriental
The latest September 2024 Labor Force Survey shows promising news for the Philippine job market, with the unemployment rate dropping to 3.7%—a marked improvement from both September 2023’s 4.5% and the 4.0% seen in August 2024. This decrease means roughly 1.89 million Filipinos were job-hunting in September, compared to 2.26 million last year and 2.07 million just a month prior.
On the employment front, the numbers are climbing. September 2024 recorded a 96.3% employment rate, translating to nearly 49.87 million employed individuals—a solid boost from last year's 47.67 million and August's 49.15 million. The labor force participation rate (LFPR) also ticked up to 65.7%, drawing more Filipinos aged 15 and over into the workforce.
Who’s Working and Where?
The services sector still holds the crown, employing 62.8% of the labor force, with the agriculture and industry sectors following at 19.9% and 17.4%, respectively. Interestingly, the administrative and support services sector saw the biggest annual gain in job numbers, adding 735,000 new roles, while the accommodation and food service sector experienced the steepest decline, down by 242,000 jobs over the past year.
A Mixed Bag in Working Hours and Underemployment
One area to watch, though, is underemployment, which nudged up to 11.9% from 10.7% in 2023. Around 5.94 million employed Filipinos are now looking for additional hours or better job opportunities to meet their financial needs. The average workweek also slightly dipped to 40.3 hours, down from last year’s 40.8 hours.
A Bright Outlook for Young Workers
Youth labor force participation rose to 33.9%, with a healthy 90% of youth participants employed—up from 86.9% a year ago.
Overall, September’s survey results showcase a vibrant and improving labor market, reflecting growth in key sectors and an expanding workforce. With more Filipinos gaining access to job opportunities and participating in the labor market, the country is setting a solid pace toward economic resilience.
On the employment front, the numbers are climbing. September 2024 recorded a 96.3% employment rate, translating to nearly 49.87 million employed individuals—a solid boost from last year's 47.67 million and August's 49.15 million. The labor force participation rate (LFPR) also ticked up to 65.7%, drawing more Filipinos aged 15 and over into the workforce.
Who’s Working and Where?
The services sector still holds the crown, employing 62.8% of the labor force, with the agriculture and industry sectors following at 19.9% and 17.4%, respectively. Interestingly, the administrative and support services sector saw the biggest annual gain in job numbers, adding 735,000 new roles, while the accommodation and food service sector experienced the steepest decline, down by 242,000 jobs over the past year.
A Mixed Bag in Working Hours and Underemployment
One area to watch, though, is underemployment, which nudged up to 11.9% from 10.7% in 2023. Around 5.94 million employed Filipinos are now looking for additional hours or better job opportunities to meet their financial needs. The average workweek also slightly dipped to 40.3 hours, down from last year’s 40.8 hours.
A Bright Outlook for Young Workers
Youth labor force participation rose to 33.9%, with a healthy 90% of youth participants employed—up from 86.9% a year ago.
Overall, September’s survey results showcase a vibrant and improving labor market, reflecting growth in key sectors and an expanding workforce. With more Filipinos gaining access to job opportunities and participating in the labor market, the country is setting a solid pace toward economic resilience.
Nov 6, 2024
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