In the Philippines, the unemployment rate surged to a one-year high of 4.7% last July as more young Filipinos joined the labor force but have yet to find a job, the Philippine Statistics Authority (PSA) reports.
This jobless rate in the previous month was only 3.1%.
Preliminary results of the PSA’s July round of the Labor Force Survey (LFS) shows that the jobless rate was at its highest since the 4.9% in July 2023, translating to 2.38 million jobless Filipinos.
National Statistician Claire Dennis Mapa says the rise in the unemployment rate to the increase in the number of jobless young Filipinos or those aged 15-24, who accounted for approximately 43%, or 1.02 million, of the total unemployed population.
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