The latest Philippine Statistics Authority (PSA) Labor Force Survey results for April 2024 paint a cautiously optimistic picture of the country's labor market. Here are the key takeaways:
Unemployment Down:
- The unemployment rate fell to 4.0%, a significant improvement compared to 4.5% in both April 2023 and January 2024.
- This translates to a decrease in the number of unemployed individuals, with 2.04 million Filipinos actively seeking work in April 2024, down from 2.26 million a year earlier.
Employment Up:
- The employment rate rose to 96.0%, indicating more Filipinos are finding jobs.
- The number of employed individuals reached 48.36 million, exceeding figures from April 2023 (48.06 million) and January 2024 (45.94 million).
Labor Participation Dips Slightly:
- The labor force participation rate (LFPR) decreased to 64.1%, compared to 65.1% in April 2023. This might be due to more young people choosing to pursue education.
Working Hours:
- The average workweek increased to 40.5 hours, higher than April 2023 (36.9 hours) but lower than January 2024 (42.1 hours).
Underemployment on the Rise:
- Despite a decrease in unemployment, underemployment rose to 14.6%, indicating a need for more quality jobs with sufficient hours.
Industry Trends:
- The services sector remains dominant, employing 61.4% of the workforce.
- The biggest employment gains occurred in accommodation & food service (+638,000), construction (+378,000), transportation & storage (+289,000), and manufacturing (+285,000) compared to April 2023.
- Agriculture and forestry saw the sharpest decline in employed individuals (-818,000).
Regional Variations:
- Unemployment rates differed across regions, with Region V (Bicol) having the highest (5.4%) and Region IX (Zamboanga Peninsula) the lowest (2.3%).
Youth Labor Market:
- The youth LFPR and employment rate decreased slightly.
- The proportion of youth not in education, employment, or training (NEET) increased, highlighting the need for targeted programs.
Overall:
The April 2024 labor market data suggests a positive trend with decreasing unemployment and increasing employment. However, underemployment remains a concern, and disparities exist across sectors and regions. Continued government efforts are crucial to create more quality jobs and address the needs of young Filipinos entering the workforce.