The Philippines’ unemployment rate dropped to its lowest level in over 17 years in November, as firms hired more workers ahead of the holiday season.
The jobless rate eased to its lowest level since 2005 in November. -- Photo by Michael Varcas, The Philippine Star
Prior to that, joblessness was only considered under two criteria: without work and looking for work; or without work and not looking for work due to valid reasons. In absolute terms, the number of underemployed Filipinos increased to 7.161 million in November, from 6.673 million in October. It was lower than the 7.618 million in November 2021.
This translated to a labor force participation rate — the share of labor force to the total population 15 years old and over — of 67.5%. This was higher than the 64.2% recorded in October and November 2021. Meanwhile, job losses were seen in fishing and aquaculture ; mining and quarrying ; construction ; transportation and storage among others.
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