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  • Writer's pictureZiggurat Realestatecorp

The unemployment rate improved to 4.3 percent in May

The unemployment rate in the Philippines improved to 4.3 percent in May with 2.17 million Filipinos available and looking for jobs, according to preliminary data at the Philippine Statistics Authority.

National Statistician Dennis Mapa said that last May, the number of jobseekers decreased by 760,000 from 2.93 million in May 2022 when the jobless rate was at 6 percent.

Compared to April 2023 when the unemployment rate was 4.5 percent, the number of jobless Filipinos decreased by 89,000.

The industries that contributed most to reducing the ranks of the jobless were agriculture and forestry (with 1.25 million new hires); accommodation and food service activities (398,000); other service activities (365,000); fishing and aquaculture (351,000); and arts, entertainment, and recreation (305,000).

On the other hand, the industries where most jobs were lost include wholesale and retail trade; repair of motor vehicles and motorcycles ( letting go of 781,000 workers); construction (274,000); manufacturing (253,000); water supply; sewerage, waste management and remediation activities (78,000); and information and communication (51,000).

Source: PSA and Business Inquirer

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