PSA: PH jobless rate dropped to 3.7% in September

The country’s jobless rate dropped to 3.7 percent in September from 4 percent the previous month and 4.5 percent last year, with more female workers joining the labor force, particularly in the wholesale and retail trade sectors, ahead of the busy holiday season.

Preliminary results of the PSA’s September round of the Labor Force Survey (LFS) showed that the 3.7 percent in September was the lowest unemployment rate since the 3.1 percent seen in June, translating to 1.89 million jobless Filipinos.

READ: September jobless rate falls to 3.7% — PSA

“Substantial female workers entered here in September and that is the reason why we had an increase in terms of labor force participation and also in terms of employed. And of course, as a result, our unemployment rate went down,” National Statistician Dennis Mapa said during a press briefing.

In September, the female labor force participation rate (LFPR) increased to 55.7 percent, up from 54.7 percent in August and 53.4 last year.

This translates to 21 million employed women, higher than the 20.54 million the previous month and the 19.66 million women having jobs in September 2023.

Overall, September’s employment rate increased to 96.3 percent of the labor force, up from 96 percent in August and 95.6 percent last year.

This translates to 49.87 million employed Filipinos during the month, higher than 49.15 million in the previous month and 47.67 million a year ago.

READ: August 2024 unemployment rate falls to 4%, says PSA

For Michael Ricafort, chief economist at Rizal Commercial Banking Corp., more women got jobs partly due to their higher level of education and also the need for more of them to find jobs because of the rising living costs for families.

Despite the growing trend of more women entering the workforce, Ricafort emphasized the need for more individuals to pursue Science, Technology, Engineering, and Mathematics (STEM) or other technical courses.

These fields lead to higher-paying jobs that are in greater demand both here and abroad.

He pointed out that many women are still concentrated in service-oriented roles, particularly in wholesale and retail trade.

Other sectors that contributed to the increase in employment during the month were administrative and support service activities, which added 735,000 jobs.

Following closely were other service activities, which added 559,000 jobs, including positions in private households, such as domestic helpers and gardeners.

“Third, the wholesale and retail trade added 486,000. Much of this comes from the retail sale of food and beverages not in specialized stores. So these are various convenience stores. Majority here are female workers,” Mapa added.

The country’s LFPR—the proportion of working-age Filipinos working or looking for work—went up to 65.7 percent from 64.8 percent in the previous month and 64.1 a year ago.

This is equivalent to 51.77 million Filipinos in the working force, up from 49.93 million last year and 51.22 million in August.

Meanwhile, the underemployment rate—which represents the proportion of people who are already employed but seeking additional work or longer hours—rose slightly to 11.9 percent in September, from 11.2 percent in August and 10.7 percent in the same month last year.

This translates to 5.94 million Filipinos seeking extra jobs or extended working hours.

In a statement, the National Economic and Development Authority stressed that improving job quality and boosting the incomes of Filipino workers are among the government’s key priorities.