Unemployment rate rises to 5% in October

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Drop boxes for resumes to be submitted to various employers are seen in this file photo taken during a job fair inside Glorietta mall in Makati City. -- BW FILE PHOTO

Preliminary results of the latest Labor Force Survey (LFS) conducted by the Philippine Statistics Authority (PSA) showed the unemployment rate at 5% in October, a rise from 4.7% recorded in the same month last year. This was equivalent to 2.19 million Filipinos, up from 2.04 million a year earlier. 

Meanwhile, the underemployment rate – proportion of those who are looking for additional jobs or more hours of work – fell to 15.9% from 18.0%.

The size of the labor force, which is the population Filipinos 15 years and older, was estimated at 70.4 million. Labor force participation rate eased at 62.1% from 63.6%.

The country’s employment rate – proportion of the employed to the total labor force – slightly dropped to 95% from 95.3% recorded in the same month last year.

By industry, employment rate in the service sector, which has the largest share in the employed population, expanded to 57% from 54.6%. However, the agriculture sector which is the second largest, saw reduction in the number of workers to 25.0% from 28.3%. The portion of the industry sector went up to 18.1% from 17.1%. — Arianne Kristel R. Pelagio