The country’s unemployment rate is slowly improving, recording an average of 5.9% for the period January to July 2022, according to the latest Labor Force Survey results (LFS) of the Philippine Statistics Authority (PSA). This is 2.1 percentage points lower compared to the 8.0% unemployment rate in the same period in 2021. Further, while this figure reflects an improvement of 1.9 and 4.4 percentage points relative to the annual average rates in 2021 and 2020 (7.8% and 10.3%, respectively), the same is still higher by 0.8 percentage point compared with the pre-pandemic rate of 5.1% in 2019.
KEYWORDS:
