The Philippine unemployment rate in May edged lower to 4.1% or 2.11 million Filipinos from 4.3% or 2.11 million last year, suggesting a modest improvement in the job market.

The month-to-month data from the Philippine Statistics Authority, however, reveals some weakness, with unemployment rising by 65,000 persons from April to May 2024.

Employment figures show positive growth, with the number of employed persons increasing by 605,000 year-over-year to 48.87 million in May 2024. This pushes the employment rate up slightly to 95.9% from 95.7% in the previous year.

A notable improvement was the underemployment figure, which saw a substantial decrease. The underemployment rate fell from 11.7% in May 2023 to 9.9% in May 2024, representing a reduction of 846,000 underemployed persons over the year.

This suggests that more workers are finding adequate employment to meet their needs or adding desired work hours.

The labor force participation rate showed a marginal decline, dropping from 65.3% (50.43 million) in May 2023 to 64.8% in May 2024 (50.97 million).

Despite this slight decrease in the participation rate, the overall labor force grew by 544,000 persons year-on-year, reaching 50.97 million in May 2024. The April-May unemployment rate, however, suggests that job creation is struggling to keep pace with the growing workforce.

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