QUICK LOOK: November unemployment rate declines to 3.2%, jobless count down to 1.66 million
January 8, 2025
10:13AM PHT
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The Philippine unemployment rate declined to 3.2 percent in November 2024 from 3.9 percent in October, with the number of jobless Filipinos down to 1.66 million from 1.97 million in the previous month, the Philippine Statistics Authority reported on Wednesday, Jan. 8, 2025.
Highlights of the November 2024 Labor Force Survey
Employment rate: Increased to 96.8 percent in (November 2024) from 96.4 percent (November 2023) and 96.1 percent (October 2024). The number of employed persons at 49.54 million was lower than the 49.64 million in November 2023 but higher than the 48.16 million in October 2024.
Unemployment rate: Decreased to 3.2 percent from 3.6 percent (November 2023) and 3.9 percent (October 2024). The number of unemployed persons declined to 1.66 million from 1.83 million in November 2023 and 1.97 million in October 2024.
Labor force participation rate (LFPR):
64.6 percent in November 2024, lower than 65.9 percent (November 2023) but higher than 63.3 (October 2024).
Translates to 51.20 million individuals in the labor force, compared to 51.47 million in November 2023.
Underemployment rate: Dropped to 10.8 percent from 11.7 percent (November 2023) and 12.6 percent (October 2024). Some 5.35 million employed individuals expressed the need for additional work.
Top sectors by employment share:
Services: 62.1 percent
Agriculture: 20 percent
Industry: 17.9 percent
Annual increases in employment by sub-sector:
Manufacturing (+784,000)
Accommodation and food service activities (+528,000)
Human health and social work activities (+303,000)
Other service activities (+239,000)
Transportation and storage (+190,000)
Annual decreases in employment by sub-sector:
Agriculture and forestry (-1.99 million)
Wholesale and retail trade (-327,000)
Fishing and aquaculture (-276,000)
Electricity, gas, steam, and air conditioning supply (-35,000)
Wage and salary workers: 63.8 percent of total employment.
Private establishments: 78.7 percent of wage and salary workers (50.2 percent of total employed).
Government/government-controlled corporations: 13.7 percent of wage and salary workers.
