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Philippine unemployment rate hits 4-year high of 6% in July
The Philippines' unemployment rate surged to 6% in July, a four-year high, according to the Philippine Statistics Authority. This marks a significant increase from the previous month and raises concerns about the pace of economic recovery, particularly for young workers.
The country’s unemployment rate surged to a four-year high of 6 percent in July from 4.9 percent in June, the Philippine Statistics Authority (PSA) said on Tuesday. This was the highest unemployment rate since June 2022, when it stood at 6.03 percent. The latest figure amounted to 3.14 million jobless Filipinos, up from 2.59 million the previous month. Meanwhile, the employment rate eased to 94 percent from 95 percent, with the number of employed Filipinos falling to 49.21 million from 50.55 million. The labor force participation rate also fell to 63.6 percent from 65.1 percent, bringing the labor force to 52.36 million from 53.25 million. The number of underemployed Filipinos rose to 12.9 percent from 12.1 percent as they sought additional work or longer hours to increase their income. This represented 6.33 million underemployed Filipinos, up from 6.11 million in June. INQ
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