Mon. May 23rd, 2022

The unemployment rate of the country in October fell to 7.4 percent, which is the third lowest for this year with about 3.5 million people still without work, the Philippine Statistics Authority (PSA) on Tuesday.

(Photo Courtesy: Business World Online)

In comparison, there were 3.81 million unemployed people in October last year with the Philippine economy still reeling from the effects of the pandemic.

“The lowest reported was in July 2021 estimated at 6.9 percent, followed by 7.1 percent in March 2021. Unemployment rate was highest this year in September 2021 at 8.9 percent,” the PSA said.

“In terms of magnitude, the total number of unemployed persons 15 years old and over in October 2021 was registered at 3.50 million. It was lower by 309,000 from the total unemployed persons reported in October 2020 (3.81million),” it added.

The PSA also said employment in the country improved with a reported 43.83 million employed persons in October 2021 from 39.84 million employed persons in the same period last year. In July 2021, number of employed persons was registered at 41.67 million.

“Employment rate posted a month-on-month increase from 91.1 percent in September 2021 to 92.6 percent this October 2021,” it added.

By broad industry group, the services sector continued to dominate the employment market having the largest share of employed persons of about 57.6 percent. The agriculture and the industry sectors accounted for 24.6 percent and 17.8 percent of the employed persons, respectively.

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