The National Statistics Office released last week its 3rd quarter, July 2011 Labor Force Survey. The results are not good. Unemployment rate + underemployment rate in July 2011 was 26.2 percent of labor force, while it was only 24.9 percent in July 2010.
|Philippines||July 2011 1/|| July 2010
|Population 15 years and over (in ‘000)||62,054||60,928|
|Labor Force Participation Rate (%)||64.3||63.9|
|Employment Rate (%)||92.9||93.0|
|Unemployment Rate (%)||7.1||7.0|
|Underemployment Rate (%)||19.1||17.9|
The underemployed are those who have work but are still looking for extra work, mainly to augment their income. Meaning, they compete with the unemployed in looking for work. This should be a wake up call for the current administration to do more in encouraging more job creation in the economy.