Services Sector Still Top Employer

The services sector in November, remained the top employer, accounting for 60.5% of the labor market.

Photo Insert: Job losses were seen in fishing and aquaculture (down 211,000 to 1.175 million); mining and quarrying (down 4,000 to 233,000); construction (down 408,000 to 4.169 million); transportation and storage (down 39,000 to 3.350 million) among others.

Agriculture followed with 21.4% and industry with 18.1%. Higher employment was also seen in agriculture and forestry (up 247,000 to 9.466 million in November); manufacturing (up 668,000 to 4.335 million); electricity, gas, steam, and air-conditioning supply (up 52,000 to 152,000); water supply; sewerage, waste management and remediation activities (up 36,000 to 89,000); wholesale and retail trade; and repair of motor vehicles and motorcycles (up 941,000 to 11.318 million); accommodation and food service activities (up 381,000 to 2.260 million) among others.

Meanwhile, job losses were seen in fishing and aquaculture (down 211,000 to 1.175 million); mining and quarrying (down 4,000 to 233,000); construction (down 408,000 to 4.169 million); transportation and storage (down 39,000 to 3.350 million) among others.

“Unemployment is now easing because we are moving towards the end of the pandemic where employment opportunities have returned and investments are coming in due to a more open economy,” Asian Institute of Management economist John Paolo R. Rivera commented in an e-mail.

For ING Bank NV Manila Senior Economist Nicholas Antonio T. Mapa, the improvement in the labor market mirrors the significant pickup in economic activity especially in retail trade, restaurants, and recreation. He added that the jump in hiring for manufacturing matches the gains in recent Purchasing Managers’ Index (PMI) numbers.

“Despite the positive steps in both employment and labor force participation, we note the elevated underemployment rate suggesting that despite finding jobs, workers still need more hours or wages likely to cover the rising cost of living,” he said in a Viber message.

S&P Global Philippines’ PMI showed factory output expanded to 52.7 In November indicating a “modest” pace of expansion from 52.6 in October. “[We] might see a pullback in gains post-holidays and if manufacturing slows due to the global downtrend in trade,” ING’s Mapa said.

“December 2022 should provide still strong employment numbers as was the case in 2021,” the University of Asia and the Pacific economist Victor A. Abola said in an e-mail.

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