Unemployment Rate Decreases as Job Creation Efforts Bear Fruit
In a noteworthy achievement, the Philippines witnessed a decline in the unemployment rate, dropping to 4.5% in April 2023 from 5.7% in the same month last year.
The concerted efforts by the Marcos administration to generate more employment opportunities for Filipinos are showing tangible results.
Positive Trends Reflecting Job Market Growth
According to the April 2023 Labor Force Survey conducted by the Philippine Statistics Authority (PSA), the number of unemployed individuals in April 2023 was estimated at 2.26 million, signifying a significant decrease of 506,200 compared to the previous year.
The employment rate also demonstrated improvement, reaching 95.5% in April 2023, surpassing previous estimates.
Sectoral Insights: Services Sector Dominates, Significant Employment Increases in Key Sub-Sectors
The services sector continues to play a vital role in the labor market, accounting for the largest share of employed persons in April 2023.
Additionally, noteworthy employment gains were observed in sub-sectors such as wholesale and retail trade, repair of motor vehicles and motorcycles, accommodation and food service activities, administrative and support service activities, transportation and storage, and other service activities.
Source: THX News, based on data from the Philippine Statistics Authority.
