Major shifts in employment in sectors in Philippine job market

Major increases in some sub-sectors amid major decreases in others

Major shifts in employment in sectors in Philippine job market

The latest insights from the December 2023 Labor Force Survey exhibit notable shifts in employment and unemployment rates.

The survey found a significant decline in unemployment rate, down to 3.1% from December 2023 from 4.3% in December 2022. Also, the employment rate rose to 96.9% in December 2023, accompanied by an increase in the labor force participation rate to 66.6%.

While the underemployment rate declined to 11.9% from data recorded in December 2022, it remains a persistent concern, according to the report. Approximately 6.01 million employed individuals expressed a desire for increased work hours or better employment prospects, indicating a need for targeted strategies to alleviate underemployment woes.

Dominant sectors for employment

The services sector remains to be the most dominant sector, comprising 57.3% of the employed population, keeping its pivotal role in driving economic activity. Meanwhile, agriculture and industry sectors account for 24.4% and 18.3%% of the employed persons, respectively.

The report also presented the five sub-sectors with the most increases in employment in December 2023 compared to the prior year. These are construction (+777,000); agriculture and forestry (+715,000); accommodation and food service activities (+498,000); transportation and storage (+174,000); and human health and social work activities (+140,000).

 On the other hand, the sectors that saw the most decreases in employment year on year are: wholesale and retail trade; repair of motor vehicles and motorcycles (-660,000); administrative and support service activities (-250,000); fishing and aquaculture (-159,000); financial and insurance activities (-132,000); and arts and entertainment (-16,000).

Wage and salary workers continue to constitute the majority of the employed population at 62.7%, followed by self-employed individuals (27.4%) and unpaid family workers (7.8%). Among wage and salary workers, those employed in private establishments, according to the report, remain to account for 78.6%.

The survey sheds light on youth employment trends, with the youth employment rate climbing to 91.8% in December 2023 from 90.5% in December 2022.

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