The Philippine Statistics Authority reported a significant rise in the national unemployment rate, which reached 6.0 percent in July compared to 4.9 percent in June. This figure also represents an increase from the 5.3 percent observed during the same period last year. The total number of jobless individuals grew to 3.14 million, up from 2.59 million in July of the previous year. Additionally, underemployment rose to 12.9 percent from 12.1 percent in the preceding month. Consequently, the overall employment rate fell to 94.0 percent from 95.1 percent. Labor force participation also saw a decline, dropping to 63.6 percent in July from 65.1 percent in June, although this remains higher than the 60.7 percent participation rate recorded in July of the prior year.
Source : The Manila Times
Photo : The Manila Times
