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Philippines jobless rate down to 4.7% in July, employment rate up

Philippines jobless rate down to 4.7% in July, employment rate up

September 13, 2024
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The unemployment rate in the Philippines decreased to 4.7% in July 2024, from 4.9% in the same month last year, according to preliminary estimates by the Philippine Statistics Authority.

July’s 4.7% rate was higher than June’s 3.1% rate.

In terms of magnitude, the total number of unemployed individuals in July 2024 was registered at 2.38 million. This was higher than the estimated number of unemployed persons of 2.29 million in July 2023.

At the same time, the employment rate in the country increased to 95.3% in July 2024, from 95.1% in the same month last year.

In terms of level, the total number of employed persons in July 2024 was estimated at 47.70 million. This was higher than the total number of employed persons in July 2023 at 44.56 million.

Meanwhile, the labour force participation rate (LFPR) in July 2024 was registered at 63.5%, higher than the estimated LFPR in July 2023 at 60.0%.

The reported LFPR in July 2024 translates to a total of 50.07 million Filipinos aged 15 years old and over who were in the labour force, or those who were either employed or unemployed. 

The proportion of youth not in education, employment, or training (NEET) in July 2024 decreased to 13.9%, from 14.8% in July 2023. 

On average, employed persons worked 41.1 hours per week. This was lower than the average hours worked in a week in July 2023 at 42.4 hours.

By broad industry group, the services sector continued as the top sector in terms of the number of employed persons with a share of 60.8% of the 47.70 million employed persons. The agriculture and industry sectors accounted for 21.2% and 18.0% of the total number of employed persons, respectively. 

Wage and salary workers continued to account for the largest share of employed persons with 63.8% of the total number of employed persons in July 2024. This was followed by self-employed persons without any paid employee at 28.2% and unpaid family workers at 5.7%. Employers in own family-operated farm or business had the lowest share at 2.4% of the total number of employed persons during the period.