The number of unemployed Filipinos reached 2.38 million last July 2024, fueled by an influx of fresh graduates entering the labor force, according to the latest data from the Philippine Statistics Authority (PSA) released Friday.
According to PSA Chief and National Statistician Claire Dennis Mapa, the number of unemployed went up from 1.62 million last June and 2.29 million last July 2023.
This increase pushed the unemployment rate to 4.7 percent of the 50.40 million labor force, higher compared to June’s 3.1 percent.
Mapa attributed the spike to the huge number of fresh college and senior high school graduates looking for work but who failed to find employment. Youth, or those aged 15 to 24, comprised a significant share of the unemployed, accounting for 43 percent of the total in July.
Of the 6.89 million young Filipinos who joined the labor market that month, 7.02 million were still jobless, which translated to a 14.8 percent youth unemployment rate.
Mapa also cited weather disrupting numerous industries, thus tempering job demand during the period. But she has expressed optimism that the employment opportunities may rebound as the “ber” months approaches.
