Job growth at large firms accelerated in Q3 2015
THE GROWTH in the number of jobs at large enterprises in Metro Manila revved up further in the third quarter of 2015, with large gains recorded in the services sector, according to the Philippine Statistics Authority (PSA).
Data from the PSA’s latest report on employment statistics show that job growth picked up pace for the second quarter in a row.
PSA data also show that for the September quarter, the labor turnover rate—the difference between jobs gained and jobs lost—reached 3.2 percent.
“Most of the industries reported positive labor turnover rates,” the agency said, referring to 16 out of 18 industries monitored.
The latest figure represents faster growth from the near-zero growth in the first quarter (0.53 percent) and second quarter (1.2 percent) of last year.
Also, the third-quarter number was faster than the 2.4 percent recorded in the same period of 2014.
In the third quarter of 2015, the PSA recorded a 6.1-percent growth in gross domestic product, largely driven by trade, transportation and construction, fueling job growth.
For every 1,000 enterprise workers in the National Capital Region (NCR), a net of 32 people were added during the three months to September last year.
For every thousand, 111 new hires joined but 79 quit or were fired.
The hiring rate was recorded at 11.07 percent while the separation rate was 7.9 percent.
Employment in the services sector improved by 3.5 percent, industry sector by 1.5 percent, and agriculture sector by 0.1 percent.
Among the 18 industries covered, the labor turnover rate in the third quarter was best in administrative and support service (8.5 percent); construction (3.4); and “other” services (3.2).
On the other hand, employment shrank in electricity, gas, steam and air conditioning supply (-0.4 percent); and arts, entertainment and recreation (-0.01).
Other industries that showed gains were transportation and storage (2.8 percent); accommodation and food services (2.7); and mining and quarrying (2.6).
Industries that also showed growth were water supply, sewerage and waste management; information and communication; education; human health and social work; real estate; wholesale and retail; professional, scientific and technical services; manufacturing; finance and insurance; and agriculture, forestry and fishing.
Also, the PSA observed that large enterprises in 11 out of 18 industries took in new employees, but more because of the need to replace those who were let go than business expansion.
The agency said this was most apparent in administrative and support services; wholesale and retail trade; mining and quarrying; accommodation and food services; human health and social work; and real estate.
The data are part of the PSA’s survey of 921 large corporations in NCR, which were drawn from the agency’s 2013 NCR List of Enterprises.
