Unemployment Rate Down to 8.7% in October as More People Find Jobs

As the government relaxed quarantine protocols in hopes to jump-start the economy amid the pandemic, more people were hired in October compared to previous months when quarantine protocols were at its strictest form.

The Philippine Statistics Authority (PSA) reported a downtrend in the unemployment rate among residents aged 15 and up from 10% in July, to only 8.7% in October. This means the amount of people unemployed has gone down from 4.6 million to 3.8 million in the span of three months.

This brings the unemployment rate in the country to a steady downtrend, from 17.7% in April, to 10% in July, and to 8.7% in October.

READ: No Changes in ’20, ’21 PH GDP Forecasts: S&P Global

The Philippine economy is also recovering at a steady pace as it has bounced back from a record fall of 16.9% in the months of April to June, to only experiencing a contraction of 11.5% in the third quarter of 2020. (GFB)