Unemployment data, Jan. 2011

The National Statistics Office (NSO) released this week its January 2011 Labor Force Survey (LFS), and here is the result.

Philippines January 2011 1/ January 2010
Population 15 years and over (in ‘000) 61,532 60,207
Labor Force Participation Rate (%) 63.7 64.5
Employment Rate (%) 92.6 92.7
Unemployment Rate (%) 7.4 7.3
Underemployment Rate (%) 19.4 19.7

From Jan. 2010 to Jan. 2011, there was an increase of 1.3 million people in the 15 years and over age bracket. Unemployment and underemployment rates have remained flat but the labor force participation rate (LFPR) has declined to only 63.7 percent of the population 15 years and older.

A decline in LFPR means that more people have opted out of the labor market and pursued some studies, or just stopped looking for another job at the time the survey was conducted. Possibly they were thinking that since they will not find a good job anyway, they opted to stay home or pursued some studies to retool themselves.

Hence, the endless challenge to create more jobs, to encourage the private sector employers to start and expand hiring.

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