Joblessness drops in Q4 2017 as 7.2 million without work – SWS

by Margaret Claire Layug/DVM, GMA News, Jan 24, 2018

Joblessness in the Philippines dropped to 15.7 percent with 7.2 million jobless adults, according to the Social Weather Stations’ 2017 fourth quarter survey released on Tuesday.

The latest SWS survey was 3.2 points down from 2017’s third quarter figure of 18.9 percent or around 8.7 million jobless adults.

The SWS also pointed out that the fourth quarter joblessness rate was the lowest since 2004’s first quarter rate of 9.8 percent.

Among the fourth quarter’s jobless, 8.3 percent or 3.8 million voluntarily left their jobs, 5.9 percent or 2.7 million were retrenched, while 1.5 percent or 691,000 were first-time job seekers.

During the third quarter, 10.4 percent voluntarily left their jobs, 6.6 percent involuntarily lost their jobs, and 1.9 percent were first-time job seekers.

The SWS defined “jobless” as those who were at least 18 years old, without a job at present, and looking for a job.

Meanwhile, the adult labor force participation rate during the fourth quarter was down a point to 72.1 percent, or 45.5 million adults, compared to the previous quarter’s 73.1 percent.

Age groups, gender

Among 18-24 year olds, joblessness was down to 45 percent during the fourth quarter, compared to the previous quarters 50.2 percent, and 2017’s second quarter rate of 60.8 percent.

Among 25-34 year olds, joblessness rose to 23.9 percent during the fourth quarter, compared to the previous quarter’s 21.3 percent.

The jobless rate slowed among 35-44 year olds, down to 10.7 percent in fourth quarter from 12.8 percent in the third quarter.

It also slowed among those 45 years old and above, to 8.5 percent in the fourth quarter compared to the previous quarter’s 13.8 percent.

Among men, joblessness slowed from 2017’s third quarter figure of 13.5 percent to the fourth quarter’s 7.6 percent – the slowest rate among men since Q1 2004’s 8.8 percent.

However, the joblessness rate among women accelerated slightly to 26.7 percent during the fourth quarter, from the previous quarter’s 26.5 percent.

Optimism

Optimism that there would be more jobs rose to 53 percent during 2017’s fourth quarter, up eight points from the previous quarter’s 45 percent.

Pessimism that there would be fewer jobs was down to 12 percent in the fourth quarter, compared to the previous quarter’s 18 percent.

Those who thought there would be no change in job availability dropped to 24 percent during 2017’s last quarter, down 3 points from the third quarter’s 27 percent.

Net Optimism on Job Availability (percentage of those who believed there would be more jobs minus percentage of those who thought there would be fewer jobs) was thus at an “excellent” +41 during 2017’s fourth quarter – a record high.

During the third quarter, net jobs optimism was at “high” +28.

The SWS categorized a Net Optimism on Job Availability score of +40 and above as “Excellent”, a +30 to +39 as “Very High”, +20 to +29 was “High”, +10 to +19 was “Fair”, +1 to +9 was “Mediocre”, –9 to 0 was “Low”, while –10 and below was “Very Low”.

The 2017-fourth quarter jobs poll was taken from December 8 to 16, using face-to-face interviews among 1,200 adults (18 years old and above). The poll had sampling error margins of ±3 percent for national percentages, and ±6 percent each for Metro Manila, Balance Luzon, the Visayas, and Mindanao. —