The jobless rate declined in September despite firms and businesses contending with piping hot inflation that suppressed the public’s purchasing power.
A survey of 10,959 families nationwide showed there were 2.5 million Filipinos who were either unemployed or out of business in September, lower than the 2.68 million jobless people in August, the Philippine Statistics Authority reported Tuesday.
The latest reading translates to a jobless rate of 5.0% in September, down from 5.3% rate in the preceding month.
That the unemployment rate retreated while the country grapples with red-hot inflation increases the urgency for the Marcos administration to tame stubbornly high consumer prices.
Government data showed inflation surged in September as the domestic economy grappled with the effects of a devastating typhoon choking the supply chain.
As it is, the cost of living in the country has left Filipinos searching for additional work to boost their monthly income. The PSA reported that 7.33 million people were underemployed in September, higher than the 7.03 million recorded in August.
The figure translates to an underemployment rate of 15.4% in September, up from 14.7% in August.
Source: Philstar