Unemployment down to 18-year low 3.6 percent in November

MANILA, Philippines — The country’s unemployment rate in November declined to its lowest level since 2005, as more jobs were created by the increased economic activity during the holiday season.

National Statistician Dennis Mapa said at a press conference yesterday that results of the Labor Force Survey (LFS) conducted by the Philippine Statistics Authority (PSA) showed the jobless rate was at 3.6 percent in November 2023, lower than the 4.2 percent in October 2023 and the 4.2 percent in November 2022.

Mapa said the unemployment rate in November “is the lowest since April 2005.”

It was in 2005 when the PSA introduced a new methodology for measuring unemployment that is aligned with the International Labor Organization.

The number of jobless Filipinos declined to 1.83 million in November 2023 from 2.09 million in October 2023 and 2.18 million in November 2022.

The country’s employment rate, meanwhile, rose to 96.4 percent in November 2023 from 95.8 percent in October 2023 and 95.8 percent in November 2022.

Mapa said the November employment rate is the highest since April 2005.

There were 49.64 million employed individuals in November 2023, up from the 47.80 million in October 2023 and 49.71 million in November 2022.

“In the fourth quarter, because of the holidays, we have many activities. So, that is when we see an increase in the number of employed persons,” Mapa said.

Industries with the largest increase in employment in November 2023 from October 2023 are agriculture and forestry (1.47 million); wholesale and retail trade; repair of motor vehicles and motorcycles (794,000); accommodation and food service activities (148,000); transportation and storage (124,000); fishing and aquaculture (124,000).

Meanwhile, those which registered the biggest month-on-month drop in employed individuals in November 2023 are manufacturing (-656,000); human health and social work activities (-144,000); information and communication (-77,000); professional, scientific and technical activities (-74,000); public administration and defense; compulsory social security (-61,000).

Sectors with the highest annual increase in employment in November 2023 are agriculture and forestry (1.24