May unemployment increases to 4.1% — PSA

According to data from the Philippine Statistics Authority, the nation's unemployment rate rose to 4.1% in May, the fastest rate in the previous four months, from 4.4% in April 2023, but it was still below 4.3%.

The percentage of people who are employed but are still looking for a job or longer workdays, known as the underemployment rate, rose from 14.6 percent in April to 9.9 percent in May.

4.82 million Filipinos are reportedly searching for a second job or an extended workweek.

The percentage of total labor in the working-age population (15 years and over) known as the labor force participation rate (LFPR) increased to 64.8 percent from 64.1 percent in the previous month.

The employment rate for May dropped from 96 percent in April to 95.9 percent. Level-wise, there were 48.87 million Filipinos working in May compared to 48.36 million in the preceding months.

Additionally, the employment rate was at its lowest since January's 95.5 percent, or four months earlier.