PH unemployment rate drops to 3.9% in October

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00:00The latest Philippine Statistics Authority figures on unemployment are something to feel hopeful about and reason enough to even work harder for.

00:10PSA records show unemployment fell a substantial eight-tenths of a percentage point in October from figures in July,

00:18which simply translate to 400,000 more Filipinos finding jobs between July to September, as our Rod Lagusan reports.

00:30The Philippine Statistics Authority reported a decrease in the unemployment rate.

00:34Based on the data from the October 2024 labor force survey, the unemployment rate dropped to 3.9 percent or 1.97 million compared to 4.7 percent or 2.38 million in July.

00:47From this number, the unemployment count went down by over 400,000.

00:51According to PSA National Statistician and Civil Registrar General Undersecretary Claire Dennis Mapa, the successive tropical cyclones impacted the number of unemployed.

01:00Notably, the number of employed people in the fishing and aquaculture industry dropped by 190,000.

01:07What we see are typhoons.

01:10Of course, our fisherfolks are cautious to go out because of the storms.

01:18And we can see that the typhoon really contributed to the subsectors where our employed persons went down.

01:27And because of the succession of tropical cyclones lasted until November, this trend could also be reflected in that month.

01:33The PSA hopes that by December, the situation will improve.

01:36Because our activities in December are mostly retail trade, accommodation, and food service activities.

01:46So we can see that we will see an increase there.

01:51So that's how it is. Usually, this last quarter, October, November, December, in the past, there was really an increase in the number of employed persons.

02:00In connection with this, the number of people with jobs also increased with over 450,000 more people employed.

02:06From 47.7 million or 95.3% in July, it rose to 48.6 million or 96.1% in October.

02:14The industries of administrative and support service activities, accommodation and food service activities, transportation and storage, and construction have recorded a significant number of people who found employment.

02:26From PTB Manila, Rod Laguzad, Balitang Pampansa.

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