NATIONAL
Advocates Philippines
February 2024 Labor Force Survey Increase In Employment
Photo credit: DMW
The latest Labor Force Survey for February 2024 showcases significant shifts in employment dynamics, with the country's unemployment rate dropping to 3.5 percent, marking a notable decrease from 4.8 percent recorded in the same period last year and 4.5 percent in January 2024.
This decline translates to a reduced number of unemployed persons, which stood at 1.80 million, down from 2.47 million in February 2023 and 2.15 million in January 2024.
Conversely, the employment rate saw an uptick to 96.5 percent, reflecting an increase from 95.2 percent in February of the preceding year and 95.5 percent in January 2024. The number of employed individuals rose to 48.95 million, surpassing figures from February 2023 at 48.80 million and January 2024 at 45.94 million.
Despite a slight dip in the Labor Force Participation Rate (LFPR) to 64.8 percent, compared to 66.6 percent in February 2023, the total number of Filipinos aged 15 and above engaged in the labor force reached 50.75 million, indicating a resilient workforce.
Underemployment also saw a decline, with the rate resting at 12.4 percent in February 2024, down from 12.9 percent in February 2023 and 13.9 percent in January 2024.
The survey highlights significant shifts in employment sectors, with construction, transportation, administrative services, manufacturing, and accommodation and food services showing notable increases in the number of employed individuals. Conversely, agriculture, fishing, public administration, information technology, and wholesale and retail sectors experienced declines.
Moreover, wage and salary workers retained the majority share of employed persons, followed by self-employed individuals and unpaid family workers, showcasing the diverse landscape of employment types in the country.
Among the youth demographic, while the LFPR decreased slightly to 33.8 percent, the employment rate witnessed an increase to 91.4 percent, underscoring a positive trend in youth employment.
This decline translates to a reduced number of unemployed persons, which stood at 1.80 million, down from 2.47 million in February 2023 and 2.15 million in January 2024.
Conversely, the employment rate saw an uptick to 96.5 percent, reflecting an increase from 95.2 percent in February of the preceding year and 95.5 percent in January 2024. The number of employed individuals rose to 48.95 million, surpassing figures from February 2023 at 48.80 million and January 2024 at 45.94 million.
Despite a slight dip in the Labor Force Participation Rate (LFPR) to 64.8 percent, compared to 66.6 percent in February 2023, the total number of Filipinos aged 15 and above engaged in the labor force reached 50.75 million, indicating a resilient workforce.
Underemployment also saw a decline, with the rate resting at 12.4 percent in February 2024, down from 12.9 percent in February 2023 and 13.9 percent in January 2024.
The survey highlights significant shifts in employment sectors, with construction, transportation, administrative services, manufacturing, and accommodation and food services showing notable increases in the number of employed individuals. Conversely, agriculture, fishing, public administration, information technology, and wholesale and retail sectors experienced declines.
Moreover, wage and salary workers retained the majority share of employed persons, followed by self-employed individuals and unpaid family workers, showcasing the diverse landscape of employment types in the country.
Among the youth demographic, while the LFPR decreased slightly to 33.8 percent, the employment rate witnessed an increase to 91.4 percent, underscoring a positive trend in youth employment.
Apr 11, 2024
