Unemployment rate in October 2021 eases at 7.4 percent

The country’s unemployment rate in October this year was the third-lowest reported in at 7.4 percent. The lowest reported was in July 2021, estimated at 6.9 percent, followed by 7.1 percent in March 2021.

The unemployment rate was highest this year in at 8.9 percent.

In terms of magnitude, the total number of unemployed persons 15 years old and over in October 2021 was registered at 3.50 million. It was lower by 309 thousand309 from the total unemployed persons reported in October 2020 (3.81million).

The labor force participation rate (LFPR) in October 2021 was estimated at 62.6 percent, translating to 47.33 million who are either employed or unemployed. This is higher than the LFPR reported in the same quarter last year at 58.7 percent but lower than the 2021 LFPR at 63.3 percent. In terms of magnitude, there was a year-on-year increment of 3.68 million individuals in the labor force from the 43.65 million in October 2020.

Employment in the country improved with a reported 43.83 million employed persons in October 2021 from 39.84 million employed persons in the same period last year. In July 2021, number of employed persons was registered at 41.67 million.

Employment rate posted a month-on-month increase from 91.1 percent in 2021 to 92.6 percent this October 2021.

Unemployment rate in October 2021 eases at 7.4 percent

The average weekly hours worked of an employed person reduced to 39.7 hours per week in October 2021 from 40.8 hours per week in October 2020. This was also lower than the 41.8 hours per week in July 2021.

In October 2021, employed persons reported to have worked less than 40 hours in a week was estimated at 36.6 percent, higher than the 30.6 percent in July 2021. On the other hand, employed persons who worked 40 hours and over was estimated at 62.4 percent in October 2021.

Underemployment rate or employed persons who expressed desire to have additional hours of work in their present job or to have an additional job, or to have a new job with longer hours of work was registered at 16.1 percent in October 2021. This was lower than the 20.9 percent reported in July 2021 but higher than the October 2020 estimate of 14.4 percent.

By broad industry group, the services sector continued to dominate the employment market having the largest share of employed persons of about 57.6 percent. The agriculture and the industry sectors accounted for 24.6 percent and 17.8 percent of the employed persons, respectively.

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