PH unemployment rate drops to 4.7% in July

PTVPhilippines

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00:00Unemployment rate in the country drops while employment slightly in July based on the recent labor force survey conducted by the Philippine Statistics Authority or PSA.

00:10Joms Balagan has the full details.

00:15The country's unemployment rate fell to 4.7% in July this year. This is based on the results of the labor force survey.

00:23We saw that in July, those who graduated from K-12 entered the labor market while others were not able to find a job.

00:36In terms of underemployment numbers, our quality of jobs is improving because the drop in the underemployment numbers are significant.

00:50In terms of magnitude, the total number of unemployed individuals in July was registered at 2.38 million, which is lower than the 4.9% in the same period last year.

01:01The employment rate slightly went up to 95.3% in July from 95.1% in the same month a year ago.

01:08Meanwhile, underemployment rate went down to 12.1% from 15.9%.

01:14According to the National Economic and Development Authority or NEDA, the latest labor force survey showed the nation's vibrant labor market.

01:21Due to the continuous increase in employed Filipinos, NEDA is optimistic the 4.4% to 4.7% unemployment rate target for the whole of 2024 can be achieved.

01:33In addition to stressing the country's labor force remains strong, all major indicators are above pre-pandemic levels.

01:39Finance Secretary Ralph Beto also said a slowing inflation rate is projected to create jobs in the retail and wholesale trade sectors through increased discretionary spending.

01:50Joms Balagan from the National TV Network for a new and better Philippines.

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