Unemployment fee eases in March – BusinessWorld

The variety of jobless Filipinos elevated to 4.187 million in February from 3.953 million in January, primarily based on newest official information. — Picture by Michael Varcas, The Philippine Star

THE COUNTRY’s jobless fee in March fell to its lowest stage because the begin of the coronavirus pandemic, the Philippine Statistics Authority (PSA) reported this morning.

Preliminary outcomes of the PSA’s March 2021 spherical of the Labor Drive Survey (LFS) confirmed round 3.441 million unemployed Filipinos, down from 4.187 million and three.953 million within the February and January LFS rounds, respectively.

This places the March unemployment fee at 7.1%, the bottom because the 5.3% in January 2020, in addition to the record-high 17.6% posted in April 2020.

The underemployment fee — the proportion of these already working — however nonetheless on the lookout for extra work or longer working hours, improved to 16.2% in March from 18.2% in February and 16% in January.

This interprets to 7.355 million underemployed Filipinos, lower than the 7.850 million in February. Nevertheless, this was greater than the 6.589 million recorded within the January LFS spherical.

The dimensions of the labor pressure was roughly 48.772 million in March, up from 47.341 million in February and 45.201 million in January. This introduced the labor pressure participation fee (LFPR) to 65% in March, the best because the 65.2% posted in April 2014.

The employment fee — the proportion of the employed to the full labor pressure — was recorded at 92.9% in March. This was greater than the 91.2% fee in February and 91.3% in January. In absolute phrases, this was equal to 45.332 million in March versus 43.153 million and 41.248 million in February and January, respectively.

The PSA famous the LFS for March was carried out from March 8 to 27, days earlier than the federal government put Metro Manila, Bulacan, Rizal, Laguna, and Cavite on the improved group quarantine — the strictest type of lockdown — in response of renewed surge in coronavirus instances. — Ana Olivia A. Tirona

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