PSA: Unemployment rate slightly up in October

MANILA, Philippines — The unemployment rate in the country slightly increased in October 2017 compared to the same period last year, the Philippine Statistics Authority reported Tuesday.

The percentage of unemployed Filipinos was estimated at 5.0 percent in October, a tad higher than 4.7 percent recorded in the same month last year, the PSA’s Labor Force Survey showed.

This was equivalent to 2.2 million Filipinos, inching up from 2 million a year earlier.

The country’s labor force participation rate in October 2017 was estimated at 62.1 percent, lower than 63.6 percent logged in the previous reading.

Underemployment rate, or the proportion of employed persons but still seeking for more work or longer working hours, was approximately at 15.9 percent, dipping from 18.0 percent registered in the past year.

Meanwhile, the employment rate in the Philippines likewise eased a bit in October to 95.0 percent (41.6 million) from last year’s 95.3 percent (41.7 million).

By industry, employed persons in the agriculture sector, which has the second largest share in the employed population, dropped to 25.0 percent from 28.3 percent.

Employed persons are classified as either full-time workers or part-time workers, the national statistics agency said.

Full-time workers — or those who worked for 40 hours or more in a week — comprised 67.3 percent of the employed population, down from the 65.7 percent in the past year. On the other hand, part-time workers — or those who worked for less than 40 hours in a week — make up 32.0 percent, down from 33.5 percent.