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Monday, June 24, 2024

Jobless rate down to 3.5% in February

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Unemployment rate in the Philippines eased to 3.5 percent in February 2024 from 4.5 percent in January and 4.8 percent a year ago, according to the Philippine Statistics Authority.

National statistician and civil registrar general Claire Dennis Mapa said that in terms of magnitude, the number of unemployed persons 15 years old and over in February 2024 was estimated at 1.80 million. This was lower than 2.47 million and 2.15 million unemployed individuals in February 2023 and January 2024, respectively.

Meanwhile, the underemployment rate also fell to 12.4 percent in February this year from 13.9 percent in January and 12.9 percent in February 2023.

“On average, employed persons worked 40.1 hours per week, which was higher than the average hours worked in a week in February 2023 at 39.5 hours but lower than the reported average hours worked in a week in January 2024 at 42.1 hours,” the PSA said.

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