Unemployment

Unemployment Rate

Unemployment or joblessness is the situation where in we do not have a work and we are actively looking for employment, but we are not being currently employed. Are there more Unemployed than Employed workers?  

 According to the https://en.wikipedia.org/wiki/Unemployment. The unemployment rate is a measure of the prevalence of unemployment and it is calculated as a percentage by dividing the number of unemployed individuals by all individuals currently in the labor force. During periods of recession, an economy usually experiences a relatively high unemployment rate. Millions of people globally or 6% of the world's workforce were without a job in 2012.

According to  KIMBERLY AMADEO (Ret.2018) The unemployment rate is the number in the civilian labor force divided by the number of unemployed. Everyone without a job isn't necessarily unemployed, at least according to the Bureau of Labor Statistics. To be counted in the unemployment rate, you not only have to be without a job, you have to have actively looked for work in the past four weeks. If you were temporarily laid off and are waiting to be called back to that job, you're still counted. If you've given up looking for work, you're not counted in the unemployment rate.

Philippines: Youth unemployment rate from 2007 to 2017

200920102011201220132014201520162017

0%2%4%6%8%10%12%

2017

• 6.77%

According to the Rappler 2018

 MANILA, Philippines – The number of unemployed individuals in the country rose in October 2018, said the Philippine Statistics Authority (PSA) on Wednesday, December 5.

According to the PSA's Labor Force Survey (LFS), the country's unemployment rate inched up to 5.1%, slightly higher than the recorded 5% in October 2017. The employment rate also slightly went down to 94.9% from 95%.

This translates to 2.2 million unemployed Filipinos.

The number of employed Filipinos stands at 41.3 million.

Meanwhile, the underemployment rate or the number of people who have jobs but expressed the need for additional hours of work to cover expenses went down to 13.3%. The figure is lower than the 15.9% posted in October 2017.

National Statistician Lisa Grace Bersales said underemployment is at its lowest since 2003.

Most Filipinos are employed in the services sector, comprising 56.8% of the total number of employed persons in the country.

The agriculture and industry sectors comprised 24.1% and 19.1% of the total workers, respectively.

Therefore there are more employed than unemployed but the number of the unemployed is getting higher.