The country’s labor market continued to exhibit positive trends as the November unemployment rate dipped to 3.6% from 4.2% in October. The country’s job quality also improved as the underemployment rate declined to 11.7% from 14.4% in the same period last year. <\/p>\n\n\n\n
A total of 1.84 million new jobs were created month on month with employed persons reaching 49.64 million. The labor force participation rate was at 65.9%, translating to 51.47 million in the labor force. The services sector dominated with 59.5% of employed persons. Notable sub-sector increases included agriculture and forestry, while manufacturing and wholesale\/retail trade saw substantial decreases. Wage and salary workers constituted 61.5% of the employed, with private establishments employing the majority.<\/p>\n\n\n\n
Our View: <\/strong>Despite more Filipinos joining the labor force, the unemployment rate dropped to its lowest level in 18 years. However, some of the new jobs could be seasonal as the holiday seasons usually result to short term jobs. Nonetheless, the record unemployment rate not only reflects the strength of the economy but also has broader implications for the financial well-being of the population. <\/p>\n\n\n\n With more individuals gainfully employed, there is the potential for a surge in disposable income among the workforce. A thriving job market is a linchpin for economic development, and the concurrent drop in unemployment contributes significantly to this narrative. The ability of the nation to maintain such low levels of unemployment underscores the resilience and vitality of its economy. This positive trend aligns seamlessly with the government’s strategic goals, especially in the context of pursuing a GDP growth target ranging between 6.5% to 7.5%.<\/p>\n\n\n\n