Philippine jobless rate slips to 6.5 pct in October

MANILA, Philippines – The unemployment rate slightly slipped to 6.5% in October to 2.6 million jobless people, from 2.76 million a year ago.

The National Economic and Development Authority (NEDA) said robust hiring in the industry and services sectors boosted employment, offsetting a decline in the agriculture sector.

Economic Planning Secretary Arsenio M. Balisacan said the employment rate in October 2013 went up to 93.5%, from 93.2% a year ago, even after several typhoons hit the country in August and September.

“The increase in employment in these sectors, propped up by wholesale and retail trade in the services sector, more than offset the decline in the agriculture sector,”

The services sector employs more than half of total workers in the country at 53.4 percent, followed by the agriculture sector with 31.4 percent, and industry with 15.2 percent.

Balisacan said he expects continued employment growth in these sectors during the holidays.

Even the number of underemployed or those who already have jobs but are looking for additional work dropped to 17.9% to 6.77 million in October, from 7.16 million a year ago.

NEDA said this could be due to satisfaction brought about by higher incomes or stable inflation. – ANC