Industries cut jobs as revenues slackened in Q4 2019
Major industries shed jobs in the fourth quarter of last year alongside slower revenue growth, the Philippine Statistics Authority (PSA) reported on Thursday.
The PSA’s latest quarterly economic indices report showed that domestic industries’ gross revenues grew 3.5 percent during the October to December 2019 period, slower than the 9.3-percent increase posted a year ago.
While six sectors posted higher year-on-year revenues in the fourth quarter, two sectors contracted—manufacturing revenues declined 2.2 percent, while mining and quarrying registered a 1.6-percent decline.
Fourth-quarter revenues of the finance sector jumped 13.7 percent year-on-year; trade, up 7.6 percent; other services, up 7.3 percent; real estate, up 5.6 percent; electricity, gas and water supply, up 5.2 percent; and transportation, storage and communication, up 3.9 percent.
Despite the Christmas holiday season, the total employment index declined 0.2 percent year-on-year during the quarter, reversing the 3.1-percent growth in jobs recorded the previous year.
Four industries posted job losses: Manufacturing, down 3.3 percent year-on-year; mining and quarrying, down 2 percent; other services, down 0.5 percent; and construction, down 0.3 percent.
Five sectors saw new jobs created during the three-month period: Finance, up 3.8 percent year-on-year; real estate, up 2.4 percent; trade, up 2 percent; transportation, storage and communication, up 1.7 percent; and electricity, gas and water supply, up 0.5 percent.
Despite the job losses, those who remained employed enjoyed pay hikes as the total compensation index rose 4.7 percent from October to December last year, faster than the 4.2-percent increase a year ago.
Workers in eight sectors had salary increases: Finance, up 9 percent year-on-year; manufacturing, up 8.5 percent; real estate, up 7 percent; mining and quarrying, up 3.9 percent; trade, as well as electricity, gas and water supply, both up 3.8 percent; other services, up 2.6 percent; and construction, up 2.5 percent.
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