The unemployment rate in the Philippines reached a five-month high of 4.8 percent in July, with 2.27 million Filipinos actively seeking employment, according to preliminary data from the Philippine Statistics Authority.
National Statistician Dennis Mapa stated that compared to July 2022, the number of unemployed Filipinos decreased by 329,000 from 2.6 million.
In July 2023, the unemployment rate was higher than the 4.5 percent recorded in June. However, it was lower than the 5.2 percent rate in July 2022, which provides a more accurate and scientific comparison. The June figure marked an increase from the 4.3 percent jobless rate in May of this year.
The decline in the number of unemployed individuals was partially attributed to a decrease in the overall labor force participation, including jobholders and jobseekers.
In July, there were 46.9 million active members of the labor force, a decrease of 3.09 million compared to the same month last year.
Over the 12-month period leading up to July, the industries that contributed the most to reducing unemployment were wholesale and retail trade (377,000 jobs created), administrative and support service activities (243,000), professional, scientific, and technical activities (162,000), information and communication (117,000), and manufacturing (75,000).
On the other hand, the industries that experienced the highest job losses were wholesale and retail trade (1.97 million jobs lost), agriculture and forestry (1.58 million), public administration and defense (271,000), arts, entertainment, and recreation (44,000), and real estate activities (32,000).
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