Misery index worsens to 20.3% in January, highest in nearly 2 years

The Philippines’ adjusted misery index soared to an 18-month high of 20.3% in January from 13.8% in December 2025. The latest figure marked the fastest reading in almost two years or since the 20.7% in July 2024. Philippine inflation accelerating to an 11-month high of 2% and underemployment rate climbing to a six-month high of 13.2% in January contributed to the misery index worsening.

The index, which now incorporates adjusted underemployment rate* alongside inflation and unemployment rates, offers a broader measure of economic discomfort.

Originally developed by economist Arthur Okun, the misery index serves as a proxy for economic distress. A lower reading typically signals better economic health, though structural issues may still persist beneath the surface.

Source: Business World

Unemployment rate drops to 4.4% in Nov

The number of jobless Filipinos dropped in November, the Philippine Statistics Authority (PSA) reported on Wednesday, as the labor market improved.

The country’s unemployment rate was recorded at 4.4 percent, from October’s three-month high of 5.5 percent but higher than November last year’s 3.2 percent.

This translates to 2.25 million unemployed Filipinos, lower than the 2.54 million recorded in October 2025 but higher than 1.66 million in the same month last year.

Meanwhile, underemployment — which counts as those looking for more work or an extra job — declined to 10.4 percent, down from 12.0 percent and 10.8 percent a month and year earlier, respectively.

The number of underemployed individuals stood at 5.11 million. These are workers who express a desire for additional hours in their current job, an additional job, or a new job with longer hours.

Employment rate, meanwhile, recorded an uptick of 95.6 percent, up from 95.0 percent recorded a month earlier but lower than the 96.8 percent last year. The number of individuals with jobs reached 49.26 million.

The country’s Labor Force Participation Rate (LFPR) in November was registered at 64.0, higher than the 63.6 percent a month earlier but lower than the 64.6 percent recorded a year earlier.

Source: Manila Times

Misery index worsens in October

The Philippines’ adjusted misery index hit a three-month high of 18% in October from 16.2% in September. This was the highest recorded since the 20.2% in July. Despite steady inflation in October, the jobless rate and underemployment rate climbed to a three-month high, which contributed to the worsening of the misery index.

The index, which now incorporates adjusted underemployment rate* alongside inflation and unemployment rates, offers a broader measure of economic discomfort.

Originally developed by economist Arthur Okun, the misery index serves as a proxy for economic distress. A lower reading typically signals better economic health, though structural issues may still persist beneath the surface.

Source: Business World