Joblessness rate in Q4 2016 worst in 2 years, but job optimism highest for 2017 —SWS

Some 11.2 million Filipino adults were jobless in the fourth quarter of 2016, resulting in a joblessness rate of 25.1 percent —the worst in two years since December 2014's 27 percent, results of the Social Weather Stations (SWS) survey revealed.

However, the survey results, also showed that optimism about job prospects for the succeeding 12 months was at its peak at +37 points— the highest since 1998.

The fourth quarter results brought 2016's joblessness rate average to 22.3 percent, slightly higher than 2015's annual average of 21.9 percent.

The poll was taken among 1,500 adults nationwide from December 6 to 7. It has sampling error margins of ±3 percentage points.

Particularly, the fourth quarter joblessness rate is consisted of 12.2 percent or 5.5 million who voluntarily left their jobs, 8.7 percent or 3.9 million who lost their jobs due to economic circumstances beyond their control, and 4.3 percent or 1.9 million adults who were first-time job seekers.

In terms of age groups, joblessness fell by 16.7 points in the 18 to 24 years old bracket, its lowest in 12 years. In other age groups, however, increases were recorded.

Joblessness among respondents 25-34 years rose by 14.8 points, by 9.6 points in the 35-44 years group, and by 5.7 points in those who are at least 45 years old.

The SWS survey also put labor force participation rate at 72.1 percent or 44.8 million adults, flattish from the third quarter’s 72 percent or 44.7 million.

SWS's definition of "joblessness" is different from the government's concept of "unemployment" as it covers those who are 18 years old, higher than the 15 years old used by the Philippine Statistics Authority. It includes those without a job at present and looking for a job, and excludes those not looking for a job such as housewives, student, and retired.

In contrast, the government's Labor Force Survey defines the unemployed using three concepts: not working, looking for work and available for work. —ALG, GMA News