JUST THE NUMBERS
Philippines Labor Statistics – July 2016 vs Jan 2017
Data provided by Philippine Statistics Authority
It’s already mid-year of 2017 thus far, the Philippine Statistics Authority has already provided data up to Jan 2017. So let’s just review the data they provided:
Employment Rate – Dropped by 1.3% (from 94.6 to 93.4)
Labor Force Participation Rate – Dropped by 4.1% (from 63.3 to 60.7) – This means people who are able to work have stopped looking for work.
Unemployment Rate – Increased by 22.2% (from 5.4 to 6.6) –
This figure reflects the people of working age, who are still working for work, and haven’t found any.
This is obviously understated once we factor in the people who are of working age but have stopped looking for work.
In plain and simple terms the Philippines labor indicators show a dive for the period from July 2016 to Jan 2017.