The Philippines’ unemployment rate fell to 3.7% in September 2024, marking a decline from 4.5% in September 2023 and 4.0% in August 2024. This translates to 1.89 million unemployed individuals, down from 2.26 million in September 2023 and 2.07 million in August 2024.
The employment rate also saw an increase, reaching 96.3% in September 2024, up from 95.5% in September 2023 and 96.0% in August 2024. This translates to 49.87 million employed individuals, a rise from 47.67 million in September 2023 and 49.15 million in August 2024.
The labor force participation rate (LFPR) also saw a positive trend, reaching 65.7% in September 2024, higher than 64.1% in September 2023 and 64.8% in August 2024. This indicates a growing number of Filipinos actively seeking employment.
Despite the positive trends, the underemployment rate rose to 11.9% in September 2024, up from 10.7% in September 2023 and 11.2% in August 2024. This suggests that while more people are employed, many are still seeking additional hours or a new job with longer hours.
The services sector continues to dominate the employment landscape, accounting for 62.8% of the total employed individuals in September 2024. The agriculture and industry sectors follow with 19.9% and 17.4% respectively.
Key Sub-Sector Trends:
- Annual Increase: Administrative and support service activities, other service activities, wholesale and retail trade, public administration, and manufacturing saw the largest annual increases in employment.
- Annual Decrease: Accommodation and food service activities, agriculture and forestry, fishing and aquaculture, construction, and electricity supply saw the largest annual decreases in employment.
- Month-on-Month Increase: Administrative and support service activities, agriculture and forestry, other service activities, and fishing and aquaculture saw the largest month-on-month increases in employment.
- Month-on-Month Decrease: Wholesale and retail trade, construction, human health and social work activities, accommodation and food service activities, and public administration saw the largest month-on-month decreases in employment.
Employment by Type:
Wage and salary workers continue to dominate, accounting for 63.9% of employed individuals, followed by self-employed individuals (27.4%), unpaid family workers (6.6%), and employers in family-operated businesses (2.1%).
Youth Labor Trends:
The youth LFPR increased to 33.9% and the youth employment rate rose to 90.0% in September 2024, indicating positive trends in youth labor participation.
Overall, the September 2024 labor market data suggests a positive trend in employment, with a lower unemployment rate and increased labor force participation. However, the rising underemployment rate highlights the need for continued efforts to create more stable and fulfilling job opportunities.
