Philippine unemployment fell to a 10-year low 0f 5.7 percent in October due to job growth in services and manufacturing, the National Economic Development Authority said in a statement.
The October 2015 Labor Force Survey shows the underemployment rate, those already working but looking for more work or longer working hours, decreased to 17.6 percent from 18.7 percent, while the employment rate slightly increased from 94 percent in 2014 to 94.4 percent in October.
The percentage of service sector workers rose to 54.5 percent from 53.7 percent, while the industry sector percentage increased to 15.9 percent from 15.6 percent. The agriculture sector percentage declined to 29.6 percent from 30.8 percent.
Part of the improvement may have been due to a decline in the labor force participation rate.
“The decision amoung the 15- to 24-year-old population not to look for work during the period could be because they chose to pursue higher education or undergo training, as indicated by the increase in tertiary education enrolment rate, as well as the increase in technical vocational engagements among the youth,” NEDA Secretary General Arsenion Balisacan said in his agency's statement.
The PSA noted the survey did not cover the Leyte province due to its current state of recovery from the damage of the super-typhoon “Yolanda” in November 2013.
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