Philippines’ In November 2022 the unemployment rate dropped to 4.2%

The Philippines had the lowest unemployment rate in November 2022 at 4.2%. Officials said this is the lowest since 2005.

The official data which is released on Friday comes to light that there is good news for the Philippines. In the Philippines, the unemployment rate dropped in November 2022 as compared to the previous month Oct 2022. In November the rate of unemployment was around 4.2% which fell from 4.5% in the previous month.

Philippine Statistics Authority showed 2.18 million Filipinos were at work in the month of November 2022 which was lower than the 2.24 million recorded in the month of October 2022.

Head of the Philippine Statistics Authority Denys Mapa that this rate of Nov 2022 is the lowest after a decade, since 2005. PSA also said that the employment rate rose to 95.8%. It brings the total employment to 49.71 million for November.

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Arsenio Balisacan the Secretary of Socioeconomic Planning said, that The stable recovery of the Philippine economy is what the strong labor market signifies. He also said that we see a more dynamic labor market. Like digitalization and flexible work arrangements. These all provide easy access to employment for Filipinos. Education and higher skills are also factors behind it.

The retail industry, manufacturing, forestry, public administration, and defense are the sector where the most hiring had happened. The total hiring was done is around 941,000 in retail trade; 381,000 – in food service and accommodation; 247,000 in forestry and agriculture and 20300 in Defence. But on the other side, the fishing, storage support system, etc also cut off many employees.

This is a good sign for the country when the world market is down, and with each passing day we are hearing news of layoffs this will be a piece of news that can cheer the people of the Philippines.