Unemployment rate eases to 4.3%

THE unemployment rate dipped in May 2023, from 4.5 percent to 4.3 percent in April of the same year, the second lowest recorded since April 2005, according to the Philippine Statistics Authority (PSA).

This means that 2.17 million persons were recorded as jobless, down from 2.26 million in May and 2.93 million the previous year.

Underemployment, which includes those seeking additional work, also declined from 12.9 percent to 11.7 percent.

A year earlier, the unemployment rate was significantly higher at 6.0 percent and underemployment at 14.5 percent.