Unemployment rate drops at 18.9 percent
In their recent Social Weather Survey, the Social Weather Stations found that the unemployment rate in the Philippines dropped by 18.9 percent this year – a figure equivalent to 8.7 million adults.
This 3.3 percent below the June 2017 data, which is 22.2 percent, and considered as the lowest recorded unemployment rate since September 2016 data of 18.4 percent.
The survey found that the adult participation rate is at 73.1 percent (estimated 46.1 million adults), a 1.6 percent decrease from the 74.7 percent (estimated 47.1 million adults) of June 2017.
This also demoted the Net Optimism on Job Availability score by 3 points from the very high +31 of June 2017 to a high+28 in September 2017.
Those unemployed comprises of those who voluntarily left their old jobs, those who lost their jobs due to economic circumstances beyond their control or retrenched, and those seeking jobs for the first time.
The joblessness fell among women by 4.9 percent from 31.5 percent in June 2017 to 26.5 percent in September 2017 and is considered as the lowest figure among women since the 26.1 percent of September 2016.
The unemployment in men also decreased by 1.8 points from the 15.2 percent in June 2017 to the 13.5 percent in September 2017 and has been that low since March 2014.
It fell by 10.6 percent among 18 to 24 year olds since the 60.8 percent in June 2017 to 50.2 percent in September 2017.
The 25-34 age group fell by 10.4 points, from 31.7 percent of June 2017 to 21.3 percent of September 2017 and the 35-44 age group also fell by 4.1 percent from 17.0 percent of June 2017 to 12.8 percent of September 2017.
However, it saw an increase of 3.8 points in the 45 years old and above tier, from 9.9 percent in June 2017 to 13.8 percent in September 2017.
