2017: Unemployment up in 7 months: report

THE NUMBER of employed persons in the region dipped to 1.964 million as of the first seven months of the year compared with the number a year ago with 2.041 million, bared the data from the Philippine Statistics Authority.

In the Current Labor Statistics of PSA released this month, the labor force participation rate also declined by 59.9% as of July out of the total 2.062 million labor force against last year of the same period at 63.4%.

The labor force dropped from 2.132 million in the same period last year.

These, the agency reported, were similar on the national figures that also declined with the decrease on the employment rate.

The PSA recorded that Davao Region’s employment rate as of July stood at 95.3% against a year ago with 95.7%. Throughout the country, the employment rate as of that month was 94.4% against last year of the same period with 94.6%.

Meanwhile , unemployment grew to 4.7% from 4.3% in Davao Region with 98,000 unemployed persons as of July compared last year of the same period with 91,000 unemployed persons.

Throughout the country, PSA recorded that the unemployment rate rose to 5.6% as of July, when there were 2.4 million people who are unemployed. It increased from 5.4% last year.

The NEDA attributed the drop in employment due to the decline in opportunities because of the huge losses in the agriculture and service sectors.

“The government is concerned over loss in employment and vows to improve the situation,” said National Economic and Development Authority (NEDA) chief Ernesto M. Pernia.

With the national government’s “Build, Build, Build” program, Pernia said in a statement that they expected that it would help boost employment. He said it would also generate significant activity in the local economy.

The NEDA attributed the drop in the employment due to the decline in the labor force, specifically in agriculture and service sectors. The agency reported that the agriculture sector suffered the huge loss of 1.03 employment.

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