The number of unemployed Filipinos decreased from 3.50 million in October to 3.16 million in November 2021.
According to PSA, the country’s unemployment rate of 6.5 percent in November was so far the lowest in 2021. In October, the figure was at 7.4 percent.
The second-lowest unemployment rate so far for 2021 was in July at 6.9 percent, while the third lowest was in September at 7.1 percent. The unemployment rate was highest in September at 8.9 percent.
The country’s employment rate also picked up from 92.6 percent in October to 93.5 percent in November, the highest reported since the start of 2021. PSA said this was equivalent to 45.48 million employed individuals. The figure was at 43.83 million in October, and 43.59 million in September.
Meanwhile, the labor force participation rate (LFPR) in November was estimated at 64.2 percent, translating to 48.64 million individuals aged 15 years old and above who were either employed or unemployed.
“This LFPR was higher than the LFPR reported from January to October 2021 except in March and June 2021, both at 65.0 percent, and May 2021 (64.6%). Labor Force posted a month-on-month increment of 1.31 million individuals from the 47.33 million reported in October 2021,” PSA said in its report.
Youth labor force participation rate in November was posted at 37.5 percent, higher than the youth LFPR in October at 35.7 percent.
PSA said that youth employment rate in November was estimated at 86.6 percent, also the highest so far in 2021.
Comments