July 08, 2024 — The Philippine Statistics Authority (PSA) has released the latest findings from the May 2024 Labor Force Survey, revealing notable improvements in key labor and employment indicators compared to previous months and years.
According to the PSA's Table A-1 on Key Labor and Employment Indicators from 2019 to May 2024, the country's employment rate in May 2024 stood at 95.9 percent, showcasing an upward trend from 95.7 percent in May 2023. April 2024 also saw a robust employment rate of 96.0 percent. The unemployment rate in May 2024 dropped to 4.1 percent, down from 4.3 percent a year earlier, while April 2024 recorded a 4.0 percent unemployment rate.
The labor force participation rate (LFPR) in May 2024 was reported at 64.8 percent, slightly lower than May 2023's rate of 65.3 percent but up from April 2024's rate of 64.1 percent.
In absolute figures, the number of employed individuals in May 2024 reached 48.87 million, marking an increase from 48.26 million in May 2023 and 48.36 million in April 2024. The number of unemployed persons in May 2024 was estimated at 2.11 million, down from 2.17 million in May 2023 but up from 2.04 million in April 2024.
The underemployment rate in May 2024 notably decreased to 9.9 percent, a significant improvement from 11.7 percent in May 2023 and 14.6 percent in April 2024.
Among various sectors, the services sector remained the largest employer, constituting 60.1 percent of the total employed persons, followed by agriculture (20.8 percent) and industry (19.1 percent).
The data also highlighted sector-specific employment changes. Construction saw the largest increase in employed persons with 745 thousand new jobs, followed by administrative and support service activities (371 thousand), manufacturing (347 thousand), transportation and storage (292 thousand), and public administration and defense; compulsory social security (276 thousand). Conversely, agriculture and forestry reported the largest decrease in employed persons with 1.02 million fewer jobs.
Wage and salary workers continued to dominate the employment landscape, comprising 63.0 percent of all employed persons in May 2024. Self-employed individuals without paid employees accounted for 27.9 percent, while unpaid family workers represented 7.3 percent. Employers in their own family businesses constituted the smallest share at 1.7 percent.
The PSA also noted that the average weekly hours worked per employed individual in May 2024 increased to 40.6 hours, up from 39.3 hours in May 2023.
Overall, while the labor market showed positive momentum in May 2024 with higher employment rates and lower unemployment and underemployment rates compared to previous periods, challenges remain in certain sectors. The PSA continues to monitor and analyze these trends to provide insights into the country's economic landscape.
For more detailed information, refer to Table A-1 and Table B from the Philippine Statistics Authority's Labor Force Survey, available on their official website.
(Source: Philippine Statistics Authority, Labor Force Survey)