Oct. jobless rate hit record low of 4.5%

The country’s unemployment rate continued to ease to record low of 4.5% in October under the 2005 revision of the Labor Force Survey, the Philippine Statistics Authority reported on Wednesday morning.

It was lower than 5% in September and the 7.4% in October last year. It was the lowest jobless rate under the monthly series and matched the unemployment rate in October 2019 under the quarterly series under the current definition dating back to April 2005.

Underemployment rate in October also eased to 14.2% from 15.4% in September and 16.1% in October 2021. It was the lowest in three months or since the 13.8% in July.

However, labor force participation rate slightly dipped to 64.2% in October from 65.2% the previous month. This was higher than 62.6% in October last year.

Employment rate, meanwhile, increased to 95.5% from 95% in September and 92.6% a year ago. — MIUC