Employment Rate Rises to 96.8% in November 2024

The country’s employment rate climbed to 96.8% in November 2024, surpassing the figures from both October 2024 (96.1%) and November 2023 (96.4%), according to the Philippine Statistics Authority (PSA).

Who Was Employed?

An estimated 49.54 million individuals were employed in November 2024. However, this number was slightly lower than the 49.64 million recorded in November 2023 but higher than the 48.16 million in October 2024.

Unemployment Rate Drops

The unemployment rate fell to 3.2%, translating to approximately 1.66 million unemployed Filipinos. This figure reflects a decrease compared to November 2023 (3.6%) and October 2024 (3.9%).

Labor Force Participation

The labor force participation rate (LFPR) was recorded at 64.6%, involving 51.20 million Filipinos aged 15 and above who were either employed or seeking work. This was a slight decline from November 2023 (65.9%) but an improvement from October 2024 (63.3%).

Key Sectors and Employment Trends

The services sector continued to dominate, employing 62.1% of the total workforce. Agriculture accounted for 20%, while the industry sector represented 17.9%.

The manufacturing sector experienced the largest annual growth, adding 784,000 jobs. Other sectors with significant increases included accommodation and food services (528,000) and human health and social work (303,000). Conversely, agriculture and forestry saw the largest drop, losing 1.99 million jobs compared to the previous year.

Month-on-month, wholesale and retail trade led the gains, adding 746,000 jobs, followed by accommodation and food services (389,000). Agriculture and forestry experienced the steepest decline, shedding 335,000 jobs.

Work Hours and Underemployment

Employed individuals worked an average of 41.1 hours per week, higher than the 40.2 hours recorded in November 2023. The underemployment rate decreased to 10.8%, a significant improvement from November 2023 (11.7%) and October 2024 (12.6%).

Of the 49.54 million employed, 5.35 million sought additional hours or jobs for better income.

Employment by Type

Wage and salary workers made up 63.8% of the employed population, with private establishments accounting for the largest share at 78.7%. Self-employed individuals without employees comprised 27.8%, while unpaid family workers accounted for 6.6%.

Youth Employment

The labor force participation rate among youth (ages 15–24) dropped to 32.4% in November 2024, down from 34.4% in November 2023. The youth employment rate also slightly declined, from 91.0% to 90.6%.

The November 2024 labor force survey highlights steady improvements in employment while underscoring challenges in specific sectors. (ASC)