Preliminary results of the Labor Force Survey released by the PSA yesterday showed the unemployment rate in May at 4.1 percent, up slightly from four percent in April.
The jobless rate in May, however, declined from 4.3 percent in the same month last year.
In terms of magnitude, the number of unemployed Filipinos in May was estimated at 2.11 million, higher than the 2.04 million in the previous month, but lower than 2.17 million in May last year.
National Statistician Dennis Mapa said the higher labor force participation in May contributed to the increase in unemployment during that month.
The labor force participation rate climbed to 64.8 percent in May from 64.1 percent in April, but dipped from 65.3 percent in May 2023.
There were 50.97 million individuals in the labor force in May, up from 50.40 million in the previous month and 50.43 million in May last year.
“Some of them were absorbed by our labor market and some were not,” Mapa said.
The employment rate dipped slightly to 95.9 percent in May from 96 percent in the previous month, but climbed from 95.7 in May last year.
An estimated 48.87 million Filipinos were employed in May, higher than the 48.36 million in April and 48.26 million in May 2023.
The underemployment rate declined to 9.9 percent in May from 14.6 percent in April this year and 11.7 percent in May last year.
This story is from the July 09, 2024 edition of The Philippine Star.
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This story is from the July 09, 2024 edition of The Philippine Star.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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