Declining unemployment rate, Philippines

The National Census Office’s (NSO) latest quarterly labor force survey for July 2010 has been released about a week or two ago. The result was interesting. Compared to July 2009:

(a) unemployment rate has declined fr 2009’s 7.6 percent to this year’s 6.9 percent.

(b) underemployment rate has also declined from 2009’s 19.8 percent to this year’s 17.9 percent. Data source: http://census.gov.ph/data/pressrelease/2010/lf1003tx.html

The underemployed are those who already have jobs but either (i) working below 40 hours/week, or (b) working over 40 hours/week and still looking for additional work, mainly to augment their income.

If we add unemployment + underemployment rate, that’s still high, 24.8 percent of the labor force. But the important point to remember is that such numbers should decline through time.

— by LG

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