The Philippines Statistics Authority (PSA) reported that the country’s unemployment and underemployment rates rose in May.
PSA recorded that 2.94 million Filipinos were jobless in May. This brings the unemployment rate up to 6% which is 0.3% higher than the 5.7% unemployment rate in April.
The May unemployment rate for 2022 is lower compared to the 7.7% recorded in May 2021.
PSA said that the employment rate was estimated at 94% in May 2022. This figure was higher than the 92.3% employment rate reported last May 2021. However, it is lower than the 94.3% rate from last month.
The underemployment rate in May was placed at 14.5% which is higher than the rate recorded in April.
PSA also reported that the services sector made up 59% of the employed population. It is followed by the agricultural industry with 22% and then the industry sector with 19%.