UNEMPLOYMENT in the Philippines spiked in October this year, with 2.54 million Filipinos left jobless, jumping from 1.96 million in September, the Philippine Statistics Authority reported on Wednesday, December 10.
This jacked up the jobless rate to 5 percent from 3.8 percent in the preceding month, putting it close to the post-pandemic-era high recorded in July, when unemployment hit 5.3 percent or 2.59 million people.
The increase followed a drop in the labor force participation rate, which had fallen to 63.8 percent from 64.5 percent in September, translating to a total labor force of 51.16 million Filipinos.
The number of employed persons also slipped, with the employment rate easing to 95 percent—or 48.62 million Filipinos with jobs—from 96.2 percent in the previous month.
The services sector accounted for the largest share of total employment at 60.6 percent, followed by agriculture with 21.5 percent and industry at 17.9 percent. (Nyah Genelle C. De Leon © Philippine Daily Inquirer)
