Unemployment rate rises to 5% in October affecting 2.54 million workers

The unemployment rate in the Philippines rose to 5 percent in October, affecting 2.54 million workers, an increase from 1.96 million in September.

This jobless rate represents a significant jump from 3.8 percent in September, with the PSA attributing the rise to recent typhoons.

Despite the increase in unemployment, the employment rate stood at 95% in October, a slight decrease from 96.2% in September.

The services sector continues to employ the largest share of workers at 60.6 percent, followed by agriculture at 21.3 percent and industry at 17.9 percent.

The underemployment rate decreased to 11.1% in October from 12.0% in September, indicating fewer workers are seeking additional work.