Philippines Employment Rate: November 2024 Overview

The employment rate in the Philippines for November 2024 was estimated at an impressive 96.8 percent, according to the latest data released by the Philippine Statistics Authority (PSA) on January 8, 2025. This figure marks a significant improvement from previous months and years, reflecting the country's ongoing economic recovery and growth.

Key Labor and Employment Indicators (2019-November 2024)

The table provided by the PSA offers a detailed breakdown of labor force participation, employment rates, underemployment rates, and unemployment rates from 2019 to November 2024. Notably, the labor force participation rate in November 2024 was 66.9 percent, with an employment rate of 96.8 percent. The underemployment rate stood at 11.7 percent, while the unemployment rate was recorded at 3.2 percent.

Highlights of the November 2024 Labor Force Survey

1. Employment Rate: The employment rate of 96.8 percent in November 2024 was higher than the estimated rate of 94.6 percent in November 2023 and 95.5 percent in October 2024. This increase translates to approximately 49.4 million employed individuals, up from 48.6 million in November 2023 and 48.1 million in October 2024.

2. Unemployment Rate: The unemployment rate decreased to 3.2 percent in November 2024, down from 4.8 percent in November 2023 and 4.3 percent in October 2024. This decline indicates a positive trend in job creation and economic stability.

3. Underemployment Rate: The underemployment rate in November 2024 was 11.7 percent, showing a slight increase from 11.6 percent in November 2023 but a decrease from 12.3 percent in October 2024. This suggests that while more people are employed, there is still a need for better job quality and opportunities.

4. Labor Force Participation Rate: The labor force participation rate was 66.9 percent in November 2024, indicating that more individuals are actively seeking employment compared to 65.6 percent in November 2023 and 65.2 percent in October 2024.

Sectoral Employment Changes

The data highlights significant changes in employment across various sectors:

• Top Five Sub-sectors with the Highest Annual Increase:

  1. Manufacturing (+784 thousand)

  2. Accommodation and food service activities (+328 thousand)

  3. Human health and social work activities (+103 thousand)

  4. Other service activities (+290 thousand)

  5. Transportation and storage (+50 thousand)

• Top Five Sub-sectors with the Highest Annual Decrease:

  1. Agriculture and forestry (-519 thousand)

  2. Wholesale and retail trade; repair of motor vehicles and motorcycles (-327 thousand)

  3. Fishing and aquaculture (-785 thousand)

  4. Construction (-34 thousand)

  5. Electricity, gas, steam, and air conditioning supply (-35 thousand)

Monthly Employment Changes

From October to November 2024, the sub-sectors with the largest increase in employment were:

1. Wholesale and retail trade; repair of motor vehicles and motorcycles (+746 thousand)

2. Accommodation and food service activities (+289 thousand)

3. Other service activities (+290 thousand)

4. Manufacturing (+784 thousand)

5. Transportation and storage (+50 thousand)

Conversely, the sub-sectors with the largest decrease were:

1. Agriculture and forestry (-353 thousand)

2. Administrative and support service activities (-146 thousand)

3. Information and communication (-31 thousand)

4. Financial and insurance activities (-3 thousand)

5. Professional, scientific, and technical activities (-3 thousand)

Wage and Salary Workers

Wage and salary workers constituted the largest share of employed persons at 63.8 percent, with the majority being in private establishments. The self-employed without any paid employee category followed at 27.7 percent, while unpaid family workers accounted for 6.1 percent. The government and government-controlled corporations had the lowest share at 1.4 percent.

Youth Employment

Youth employment also showed positive trends, with the youth labor force participation rate increasing to 32.4 percent in November 2024, up from 34.4 percent in November 2023. The youth employment rate also rose to 29.2 percent from 30.8 percent in the same period.

Conclusion

The November 2024 labor force survey results indicate a robust employment landscape in the Philippines, with significant improvements in employment rates and reductions in unemployment. However, challenges remain in addressing underemployment and ensuring job quality across various sectors. The data underscores the importance of continued economic policies and initiatives to sustain and further enhance employment opportunities for all Filipinos.

Source: Employment Rate in November 2024 was Estimated at 96.8 Percent