While it does not feel like it, the unemployment rate fell in October 2019. The proportion of Filipinos with no jobs or income fell in that month while those desiring to have more work also decreased.
In October, the unemployment rate was measured to be at 4.5%. Compared to the rate in October 2018, which stood at 5.1%, this is a marked decrease and something to be celebrated.
According to the Philippine Statistics Authority, however, 0.9 million young Filipinos (15-24) years of age are currently without jobs, out of the 7.3 million youth labor force population.
Based on the statistics, the employment rate reached an estimate of 95.5%, a slight increase than the 94.9% recorded in 2018.
The difference may seem small, but in actual numbers, this means a lot of Filipinos are now more productive and income-earning than last year.
When broken down, statistics reveal that workers in the services sector make up the highest chunk of the employed persons in the Philippines at 57.7%. This is followed by 23.5% working in the agriculture sector and 18.9% in the industry sector.
There were also small improvements recorded this month concerning underemployed persons, or people who may now have jobs but looking to work longer hours, work second or third jobs, or increase their income.
This year, the rate stands at 13%, which is lower than the rate in 2018, which stood at 13.3%.
Statistics showed that 44.4% of these so-called underemployed could also be found in the services sector.
Also, 37.8% are in the agricultural sector. Around 17.3% of them are currently employed in the industry sector.
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