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Jobless rate edges up to 7.4pc in January
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Analysts says figure shows wider economy remains weak
MANILA
Unemployment rose to 7.4 per cent in January, the National Statistics Office
said, suggesting the wider economy remained weak.
The figure was 6.3 per cent in October.
The National Capital Region had the highest unemployment rate at 12.5 per
cent, followed by Cavite-Laguna-Batangas-Rizal and Quezon at 9.4 per cent,
and Central Luzon, 9.3 per cent.
The country’s labor force stood 63.4 per cent in January, or about 36.4 million
out of 57.4 million working population. Last year’s labor force was 64.8 per
cent.
Victor Abola, economics professor at the University of Asia and the Pacific, said
the strong peso continued to take its toll on the manufacturing sector, which
lost 88,000 jobs over a one-year period, and 99,000 since October 2007.
“These figures are hardly conducive to sustained strong growth,” he added.
The figures came in stark contrast to 7.3 -per cent growth in gross domestic
product, a 30-year high.
Abola said this statistical mismatch means that employers preferred to make
their workers work longer rather than employ new people.
“This is reflected in the decline in the number of employed persons working
less than 40 hours per week which was more than compensated for by the
number working more than 40 hours.
"Thus, the underemployment rate was 18.9 per cent, which was lower than the
21.5 per cent registered in January 2007, but a bit higher than the level of 18.1
per cent chalked up in October 2007,” he added.
The number of employed persons, on the other hand, registered at 33.7
million, or a 92.6 per cent employment rate. Last year’s rate was 92.2 per cent.
Of the 33.7 million employed persons, 50.2 per cent were in the services
sector, 35 percent in the agriculture sector, and 14.8 percent in the industry
sector.
“These proportions were almost the same as in January 2007 estimates at
50.5 percent for services sector, 34.7 percent for agriculture sector, and 14.8
percent for industry sector,” the statistics office said.
MANILA
Unemployment rose to 7.4 per cent in January, the National Statistics Office
said, suggesting the wider economy remained weak.
The figure was 6.3 per cent in October.
The National Capital Region had the highest unemployment rate at 12.5 per
cent, followed by Cavite-Laguna-Batangas-Rizal and Quezon at 9.4 per cent,
and Central Luzon, 9.3 per cent.
The country’s labor force stood 63.4 per cent in January, or about 36.4 million
out of 57.4 million working population. Last year’s labor force was 64.8 per
cent.
Victor Abola, economics professor at the University of Asia and the Pacific, said
the strong peso continued to take its toll on the manufacturing sector, which
lost 88,000 jobs over a one-year period, and 99,000 since October 2007.
“These figures are hardly conducive to sustained strong growth,” he added.
The figures came in stark contrast to 7.3 -per cent growth in gross domestic
product, a 30-year high.
Abola said this statistical mismatch means that employers preferred to make
their workers work longer rather than employ new people.
“This is reflected in the decline in the number of employed persons working
less than 40 hours per week which was more than compensated for by the
number working more than 40 hours.
"Thus, the underemployment rate was 18.9 per cent, which was lower than the
21.5 per cent registered in January 2007, but a bit higher than the level of 18.1
per cent chalked up in October 2007,” he added.
The number of employed persons, on the other hand, registered at 33.7
million, or a 92.6 per cent employment rate. Last year’s rate was 92.2 per cent.
Of the 33.7 million employed persons, 50.2 per cent were in the services
sector, 35 percent in the agriculture sector, and 14.8 percent in the industry
sector.
“These proportions were almost the same as in January 2007 estimates at
50.5 percent for services sector, 34.7 percent for agriculture sector, and 14.8
percent for industry sector,” the statistics office said.
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Experts say
the rise in the
jobless rate
means
employers
preferred to
make their
employees
work longer
rather than
hire new ones.
the rise in the
jobless rate
means
employers
preferred to
make their
employees
work longer
rather than
hire new ones.