Jobless rate down 3.1% in June

MANILA, Philippines — The country’s jobless rate dropped to its lowest this year as more Filipinos were absorbed by the labor market, according to the Philippine Statistics Authority (PSA).

Based on preliminary data of the Labor Force Survey released by the PSA yesterday, the unemployment rate eased to 3.1 percent in June from 4.1 percent in May.

The figure is the lowest reported this year and matches the record low set in December last year, marking the lowest jobless rate in nearly two decades.

The unemployment rate in June also improved from 4.5 percent in the same month last year.

In terms of magnitude, the number of jobless Filipinos in June stood at 1.62 million, lower than 2.11 million in the preceding month and 2.33 million in June 2023.

National Statistician and PSA Undersecretary Dennis Mapa attributed the lower jobless rate to the substantial increase in employed individuals in several sectors, such as construction.

“(Employee absorption) in the construction sector increased year on year. This indicated a significant rise in economic activities related to construction,” Mapa said in Filipino.

The country’s employment rate in June was estimated at 96.9 percent, higher than 95.9 percent in the previous month and 95.5 percent in June last year.

There were 50.28 million employed Filipinos in June, up from 48.87 million in the preceding month and 48.84 million in June last year.

The labor force participation rate (LFPR) declined to 66 percent in June, higher than 64.8 percent recorded in May but slightly lower than 66.1 percent logged in the same month last year.

The LFPR in June translated to a total of 51.9 million Filipinos aged 15 years and older who were in the labor force.

Meanwhile, the underemployment rate climbed to 12.1 percent in June from 9.9 percent in the previous month and 12 percent in June last year.

In June, an estimated 6.08 million Filipinos were underemployed, or those wanting to have additional hours of work or an additional job, up from 4.82 million in the previous month and 5.88 million in June last year.

“The labor market absorbed more workers, but not everyone secured full-time jobs. Some were working part-time, while others might