However, the labor force participation rate declined year-over-year, and the number of unemployed Filipinos saw a slight increase, according to the Philippine Statistics Authority’s (PSA) December 2024 Labor Force Survey.
The employment rate remained at 96.9 percent, with notable job growth in transportation, construction, and administrative sectors, while agriculture and manufacturing experienced significant declines.
Key highlights of the LFS:
Unemployment rate: 3.1 percent in December 2024, unchanged from December 2023 but slightly lower than November 2024 (3.2 percent).
Number of unemployed: 1.63 million in December 2024, higher than December 2023 (1.60 million) but lower than November 2024 (1.66 million).
Employment rate: 96.9 percent in December 2024, the same as December 2023, slightly higher than November 2024 (96.8 percent).
Number of employed: 50.19 million in December 2024, lower than December 2023 (50.52 million) but higher than November 2024 (49.54 million).
Labor force participation rate (LFPR): 65.1 percent in December 2024, lower than December 2023 (66.6 percent) but higher than November 2024 (64.6 percent).
Underemployment rate: 10.9 percent in December 2024, lower than December 2023 (11.9 percent) but slightly higher than November 2024 (10.8 percent).
Top sectors for employment:
Gains: Transportation & storage (+555K), Construction (+263K), Administrative & support services (+223K), Public administration (+211K), Human health & social work (+197K).
Declines: Agriculture & forestry (-1.56M), Manufacturing (-387K), Other services (-166K), Wholesale & retail trade (-106K).
Wage and salary workers: 63.1 percent of total employed, with 78.9 percent in private establishments.
Youth labor force: Youth LFPR declined to 31.9 percent (from 34.5 percent in December 2023), and the youth employment rate fell to 90.9 percent (from 91.8 percent in December 2023). — Ed: Corrie S. Narisma
