Unemployment inches up in October 2018
MANILA, Philippines – The number of unemployed individuals in the country rose in October 2018, said the Philippine Statistics Authority (PSA) on Wednesday, December 5.
According to the PSA's Labor Force Survey (LFS), the country's unemployment rate inched up to 5.1%, slightly higher than the recorded 5% in October 2017. The employment rate also slightly went down to 94.9% from 95%.
This translates to 2.2 million unemployed Filipinos.
The number of employed Filipinos stands at 41.3 million.
Meanwhile, the underemployment rate or the number of people who have jobs but expressed the need for additional hours of work to cover expenses went down to 13.3%. The figure is lower than the 15.9% posted in October 2017.
National Statistician Lisa Grace Bersales said underemployment is at its lowest since 2003.
Most Filipinos are employed in the services sector, comprising 56.8% of the total number of employed persons in the country.
The agriculture and industry sectors comprised 24.1% and 19.1% of the total workers, respectively.
The Ilocos Region and Calabarzon recorded the highest unemployment rates at 6.7% and 6.6%, respectively.
Meanwhile, Cagayan Valley and Northern Mindanao recorded the lowest unemployment rates at 2.8% and 3.1%.
Among the unemployed persons in October 2018, 63.6% were males.
Of the total unemployed, the 15-to-24 age group comprised 44.6%, while the 25-to-34 age group made up 30.3%. – Rappler.com