Joblessness improves, but job optimism falls in Q1 2017 – SWS

Joblessness was down to 22.9 percent, equivalent to 10.4 million jobless adults, in the first quarter of 2017, according to a poll taken by the Social Weather Stations.

The first quarter's joblessness numbers improved by 2.2 percent from 2016's fourth quarter of 25.1 percent or 11.2 million jobless adults.

Among the first quarter's jobless, 11.2 percent or 5.1 million adults voluntarily left their jobs, 8.6 percent or 3.9 million lost their jobs due to economic circumstances beyond their control, and 3.1 percent or 1.4 million were first-time job seekers.

During 2016's fourth quarter, 12.2 percent or 5.5 million adults voluntarily left their jobs, 8.7 percent or 3.9 million lost their jobs due to economic circumstances beyond their control, and 4.3 percent or 1.9 million adults were first time job seekers.

Also, the first quarter SWS poll measured the adult labor force participation rate at 72.2% or 45.5 million adults, barely accelerating from the previous quarter's 72.1% or 44.8 million adults.

The SWS clarified that their definition of “joblessness” was different from the government’s definition of “unemployment”. The SWS defined joblessness as those without a job at present and are looking for a job.

Those who are not working, without a job, and not looking for one are excluded.

Jobs optimism

However, net optimism on job prospects in the next 12 months was down in 2017's first quarter compared to 2016's fourth quarter.

Optimism that there would be more jobs in the next year was at 44 percent in the first quarter, compared to the previous quarter's 48 percent.

Those who believed that there would be fewer jobs in the next year rose to 15 percent in the first quarter from the previous quarter's 12 percent.

Meanwhile, those who thought that job prospects would not change was steady at 27 percent, compared to 2016's last quarter of 28 percent.

The SWS first quarter jobs poll was taken from March 25 to 28, using face-to-face interviews among 1,200 adult respondents nationwide. The poll had a sampling error margin of ±3 percent.

The poll results were posted on the BusinessWorld website. — DVM/TJD, GMA News