PHL jobless rate dips to 7.1% in January — NSO

Unemployment slightly dipped in January from a year earlier, and the number of those working additional hours or holding more than just one job increased, the National Statistics Office (NSO) reported Friday. The latest labor force survey showed the jobless rate at 7.1 percent in January 2013, slightly lower than the 7.2 percent reported in January 2012, but higher than the 6.8 percent jobless rate in October 2012—the last survey before January 2013. The January 2013 figure translates to roughly 2.894 million jobless Filipinos, more than the 2.892 million recorded in the same month last year. The population aged 15 years and over was estimated by the NSO at 63.7 million in January 2013,  of which  40.8 million were in the labor force. These figures showed a labor force participation rate of 64.1 percent. Last January's numbers compare with the total population of 15 years old and over in October 2012 estimated at 63.3 million, of which 40.4 million were in the labor force. This figure translates to a labor force participation rate  of 63.9 percent. The survey results also showed that there were 37.94 million employed persons in January 2013, translating to an employment rate of 92.9 percent, with unemployment at 7.1 percent. The underemployed or those with the desire to have additional working hours in their present job—or to have an additional job, or to have a new job with longer working hours—totaled 7.93 million, placing the underemployment rate at 20.9 percent of the employed population in January 2013. The underemployment rate was 18.8 percent in January 2012 and at 19 percent last October. Of the number of employed persons last January, 65.1 percent were full-time workers or those working 40 hours or more per week, and 33.9 percent were part-time workers. The services sector continued to provide the most jobs for Filipinos or 54.1 percent of employment. Agriculture accounted for 30.4 percent and industry for 15.5 percent of those employed. — SOA/VS, GMA News