Unemployment rate jumped to 8.1% in August – PSA
The Philippine unemployment rate jumped to 8.1% in August from July’s 6.9% following the fresh round of lockdowns due to a surge in COVID-19 cases, said Philippine Statistics Authority (PSA).
This latest figure accounts for 3.88 million unemployed Filipinos in the labor force, with 800,000 individuals losing their jobs in August.
The government said that it expected the increase of the jobless rate in August because of the return of strict community quarantine protocols in Metro Manila and other key cities.
They added that the newly implemented granular lockdowns and gradual reopening of the economy will help decrease unemployment in the country.
Meanwhile, the country’s labor force participation rate improved by 63.6% from the previous 59.8% as more people rejoined the labor force.
The underemployment rate also dropped to 14.7% or 6.48 million Filipinos from 20.9% or 8.69 million in July.
