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Wednesday, May 31, 2023

Unemployment rate eases to 10% in July; Economist sees lower unemployment rate in October

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Photo from Dennis Longos

The photo above shows that the jeepneys are back in action with minimum capacity while some workers opt to use bikes. The balut vendors are also back in their spots after the IATF eases the quarantine classification in NCR and nearby cities. This prompts more Filipinos to go back to work or find jobs as the latest unemployment data from DOLE confirmed.

Today, the DOLE announced that the unemployment rate has eased to 10% in July from 17.7% in April this year. The number translates to around 4.6 million unemployed Filipinos. Meanwhile, underemployment is at 17.3% in July from 18.9% in April.

Economist Arsenio Balisacan, in a tweet, said that he was expecting the unemployment figure to further go down in October as the market adjusts to the new normal. “Still a very high unemployment rate (10.0%) in July, but substantially better than in April (17.7%). It should be even lower in October, the next Labor Force Survey. The labor market is adjusting to the new normal, albeit slowly.” Balisacan said.

Data from DOLE also revealed that there are 83,654 establishments temporarily closed with 2 million workers; 28,881 establishments on flexible work arrangement with 1.2 million workers and 9,548 establishments closed permanently, affecting 180,207 worker.

Unemployment rate is also highest in NCR at 15.8% while underemployment rate is highest in MIMAROPA at 27.2%.

LOOK at the full data from DOLE:

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