Friday, March 11, 2016

Unemployment down, more jobs created this January

From the Website of GPH - Government of the Philippines

Unemployment down, more jobs created this January


This brought down unemployment rate to 5.8 percent from 6.6 percent in January 2015, with broad-based improvements coming from most regions, across all age groups, almost all educational levels, and for both men and women.

The labor market was boosted by better employment opportunities in the industry and services sectors. This performance also brought the unemployment rate to its second lowest in the decade, with the lowest recorded in October last year.

The industry and services sectors generated 508,000 and 1.18 million additional jobs, respectively, in January 2016.

With employment growing faster at 2.0 percent relative to the labor force growth of 1.1 percent, the number of unemployed went down by 279,000 to 2.4 million during the period.
The favorable labor market situation in January 2016 and the continued slowdown in the national unemployment rate will most likely help the country hit the Philippine Development Plan target of 6.5-6.7 percent for unemployment rate in 2016.

On the other hand, the slight decline in labor force participation rate was partly due to the decision among the youth to opt out of the labor force to attend school and become full-time students.

Underemployment, which refers to those who are working but wanted more work, worsened to 19.7 percent form 17.9 percent year-on-year. There were approximately 7.7 million underemployed persons, most of whom were wage and salary workers in private establishments.

Despite the increase in underemployment, positive results in indicators of quality of work, such as the mean hours of work, class of workers and the full-time employment, signal that efforts to foster more remunerative employment are gaining traction.

Meanwhile, the number of remunerative and stable wage and salary workers increased by 2.7 million and their share in total employment greatly surged to 63.3 percent in January 2016 from 57.5 percent in January 2015. The number of full-time workers also increased by 2.8 million.

GPH Website





Post a Comment