Philippine Employment Rate Reaches 96.0% in August 2024

The Philippine Statistics Authority reported a 96.0% employment rate for August 2024, a notable improvement from 95.6% in August 2023 and 95.3% in July 2024. This growth reflects an increase in the number of employed individuals, reaching 49.15 million in August 2024 compared to 48.07 million in August 2023.

Unemployment also saw a decline, with the rate dropping to 4.0% in August 2024 from 4.4% the previous year. The total number of unemployed individuals was registered at 2.07 million, lower than the 2.22 million recorded in August 2023.

The labor force participation rate (LFPR) increased to 64.8% in August 2024, with 51.22 million Filipinos actively engaged in the labor force. This is a slight rise from 64.7% in August 2023.

Meanwhile, the underemployment rate saw a reduction, falling to 11.2% in August 2024 from 11.7% a year earlier. Around 5.48 million employed individuals expressed the need for additional working hours or new jobs.

The services sector continued to lead, employing 63.3% of the workforce. Agriculture and industry followed, with shares of 19.3% and 17.4%, respectively. Significant employment gains were noted in wholesale and retail trade, public administration, and transportation, while agriculture and manufacturing sectors reported the largest drops in employment.

Wage and salary workers remained the largest employment group, making up 62.4% of the total, with most working in private establishments. The youth labor force participation rate, however, decreased to 33.2%, though youth employment saw a slight improvement at 88.0%. (ASC)