{"id":7110,"date":"2025-01-08T20:24:18","date_gmt":"2025-01-08T19:24:18","guid":{"rendered":"https:\/\/wsj-crypto.com\/?p=7110"},"modified":"2025-01-08T20:24:18","modified_gmt":"2025-01-08T19:24:18","slug":"unemployment-rate-hits-five-month-low-a-positive-shift-in-the-job-market","status":"publish","type":"post","link":"https:\/\/wsj-crypto.com\/index.php\/2025\/01\/08\/unemployment-rate-hits-five-month-low-a-positive-shift-in-the-job-market\/","title":{"rendered":"Unemployment Rate Hits Five-Month Low: A Positive Shift in the Job Market"},"content":{"rendered":"

<\/p>\n

By Chloe Mari A. Hufana, <\/b>Reporter<\/i><\/span><\/p>\n

THE UNEMPLOYMENT FIGURE in November <\/spandecreased to its lowest level in five months as companies increased hiring in anticipation of the festive season, as stated by the statistical agency on Wednesday.<\/p>\n

Initial data from the Philippine Statistics Authority\u2019s (PSA) Labor Force Survey indicated that the jobless rate dropped to 3.2% in November, down from 3.9% in October and 3.6% in the same month last year.<\/p>\n

This equated to 1.66 million unemployed Filipinos in November, a reduction from 1.97 million in October and 1.83 million a year earlier.<\/p>\n

<\/a><\/p>\n

The 3.2% marked the lowest unemployment figure since June 2024 when it slipped to 3.1%.<\/p>\n

For the first 11 months of the year, the jobless rate averaged at 3.9%, down from the 4.5% recorded a year ago.<\/p>\n

In addition, job quality also showed improvement as the underemployment rate dropped to 10.8% in November, the lowest since the 9.9% noted in May. <\/span>It was also lower than the 12.6% in October and 11.7% in the same month last year.<\/p>\n

The count of underemployed Filipinos \u2014 individuals desiring longer working hours or additional jobs \u2014 decreased by 728,000 month to month, totalling 5.35 million in November. Comparing year on year, the number saw a decline of 432,000 from 5.79 million.<\/p>\n

The underemployment rate averaged 12% from January to November, falling from 12.4% a year earlier.<\/p>\n

\u201cOur labor market stays strong, with consistently high employment figures and a drop in underemployment. The next phase is to expand business and job prospects to allow more Filipinos to actively and productively engage in the economy,\u201d National Economic and Development (NEDA) Secretary Arsenio M. Balisacan stated in a release.<\/span><\/p>\n

PSA data further revealed that the employment rate rose to 96.8% in November, up from 96.1% in October and 96.4% in November of last year.<\/p>\n

This translates to 49.54 million employed Filipinos, an increase from October\u2019s 48.16 million but slightly lower than 49.64 million in November of the previous year.<\/p>\n

Undersecretary and National Statistician Claire Dennis S. Mapa attributed the job growth in November to the holiday period when companies employed more personnel.<\/p>\n

The manufacturing sector experienced an annual increase of 784,000 workers, reaching 3.71 million in November, with most employed in producing consumer goods, he noted.<\/p>\n

\"Job<\/a>Among these, the manufactured bakery products sub-sector hired 117,000 new workers, whereas the production of other food items, like spices and condiments, added 98,000 positions.<\/p>\n

Conversely, accommodation and food services welcomed 528,000 more workers, swelling the total to 2.9 million in November. This encompassed restaurants and other mobile service activities, which gained 310,000, and short-term accommodation services that added 97,000 laborers.<\/p>\n

\u201cAs anticipated, during the final quarter \u2014 these three months \u2014 we usually observe growth in accommodation services, restaurants, and critical inputs like food products,\u201d Mr. Mapa remarked.<\/p>\n

Other sectors that exhibited significant annual job increases were human health and social work activities (303,000); other service activities (239,000); and transportation and storage (190,000).<\/p>\n

Month to month, the five sub-sectors with the most notable job increases were wholesale and retail trade; motor vehicles and motorcycle repairs (746,000); accommodation and food services (389,000); other service activities (328,000); manufacturing (231,000); and transportation and storage (113,000).<\/span><\/p>\n

AGRI JOBS
\n<\/b>However, PSA data indicated that the agriculture sector lost 1.99 million jobs in November due to a number of typhoons affecting the nation. This resulted in 8.71 million individuals being employed in the agriculture sector in November.<\/span><\/p>\n

\u201cDuring November, when the labor force survey took place, we experienced [multiple] typhoons entering the country from Nov. 1 to Nov. 18. These had a significant impact on our farmers and fishermen,\u201d Mr. Mapa stated.<\/p>\n

\u201cThese are the two industries that saw a marked year-on-year decline in employment or businesses,\u201d he added.<\/p>\n

Mr. Mapa pointed out that corn farmers were “extensively impacted,” losing 400,000 jobs, while banana farmers faced a loss of 312,000 jobs.<\/p>\n

Comparing year on year, 213,000 rice farmers lost their jobs in November. There were 298,000 job losses linked to planting, transplanting and related activities, and 122,000 jobs lost in harvesting and other related tasks, Mr. Mapa explained.<\/p>\n

In the fishing and aquaculture sector, marine fishing positions saw a drop of 286,000.<\/p>\n

As per the PSA, the Labor Force Participation Rate (LFPR) \u2014 the economically active population, either employed or unemployed \u2014 increased to 64.6% in November from 63.3% in October but fell below 65.9% a year earlier.<\/span><\/p>\n

\u201cAlthough statistically, this drop is not significant (year on year), it still indicates a decrease in absolute numbers,\u201d Mr. Mapa commented.<\/span><\/p>\n

The most substantial drop in the LFPR occurred in the 15-24 age group, which decreased by 409,000, while the 35-44 age group saw an uptick of 70,000.<\/span><\/p>\n

Regarding gender, the reduction was more significant among females, showing a year-on-year decrease of 239,000.<\/p>\n

\u201cThis suggests mixed trends, where some age groups contributed to increases while others experienced declines,\u201d Mr. Mapa remarked.<\/p>\n

Mr. Balisacan urged that the government should adopt alternative work structures to accommodate shifting worker preferences while also addressing organizational demands.<\/span><\/p>\n

\u201cWe will promote business development and skills training initiatives to ensure that these roles provide competitive wages as our workforce enhances their productivity by improving their human capital,\u201d he stated.<\/p>\n

\"Job<\/a>Finance Secretary Ralph G. Recto mentioned that the Philippine labor market continues to enhance and strengthen due to the reduction in inflation and accelerated economic growth.<\/p>\n

\u201cWe can anticipate even more job opportunities to arise for our fellow Filipinos,\u201d he asserted.<\/span><\/p>\n

Labor Secretary Bienvenido E. Laguesma expressed optimism that the jobs data will keep improving in the ensuing months.<\/p>\n

\u201cWe remain hopeful that the rise in the employment rate will persist and be sustained, with unemployment and underemployment rates trending downward,\u201d he shared with BusinessWorld via Viber.<\/p>\n

Meanwhile, the passenger land transport sub-sector greatly contributed to the reduction of underemployment in November 2024, as demand surged during the festive season.<\/span><\/p>\n

\u201cThere was about a 144,000 drop in the population of underemployed individuals, with passenger land transport playing a significant role in this decline. This sector also contributed to the previously noted growth in employed individuals, chiefly driven by holiday-related activities like transportation and storage,\u201d he articulated in Filipino.<\/p>\n

Another contributor to the decline in underemployment was the \u201cother personal service activities\u201d sector, which added 239,000 jobs compared to the previous year.<\/p>\n

\u201cMany individuals in this sector seem to have transitioned to full-time roles,\u201d Mr. Mapa noted.<\/span><\/p>\n

\u201cThe year-on-year decrease in underemployment was primarily influenced by transportation and storage, wholesale and retail trade, and domestic services,\u201d he added.<\/p>\n

Assistant Professor Benjamin B. Velasco from the University of the Philippines School of Labor and Industrial Relations stated that the decline in unemployment reflects the seasonal surge in economic activity leading up to the holidays.<\/span><\/p>\n

He expressed that this favorable trend might extend into the initial months of 2025 as the midterm elections generate an upswing in \u201cproject-based\u201d employment for ward leaders, election volunteers, and political campaigners.<\/span><\/p>\n

\u201cThe issue, however, with such seasonal employment increases (due to holidays or elections) is that they are temporary and part-time. They do not address the structural challenges in the labor market, which result in 4-5% unemployment and low LFPR, particularly for women,\u201d he conveyed in a Facebook Messenger chat.<\/span><\/p>\n

\u201cA clear indicator of these structural constraints is the persistently dismal figures of youth employment, as highlighted in the November LFS,\u201d he added.<\/p>\n


\n
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By Chloe Mari A. 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