Misery index inches down in February

The Philippines’ adjusted misery index fell to 18.7% in February from 20.3% in January. This is the lowest reading in two months or since the 13.8% posted in December 2025. The drop reflected the easing of the country’s unemployment rate at 5.1% and underemployment rate at 11.8% during the month. The index, which now incorporates adjusted underemployment rate* alongside inflation and unemployment rates, offers a broader measure of economic discomfort. Originally developed by economist Arthur Okun, the misery index serves as a proxy for economic distress. A lower reading typically signals better economic health, though structural issues may still persist beneath the surface.