Fresh Graduates Push PH Unemployment to 2.38M in July 2024 — PSA

The number of unemployed Filipinos rose to 2.38 million in July 2024, driven by fresh graduates entering the labor force without securing jobs, according to the Philippine Statistics Authority (PSA). This figure marks an increase from 1.62 million in June 2024 and 2.29 million in July 2023. The unemployment rate climbed to 4.7%, up from 3.1% in June.

National Statistician Claire Dennis Mapa attributed the rise to the influx of college and senior high school graduates, with youth unemployment making up 43% of the total jobless population. Of the 6.89 million young individuals who joined the labor force in July, 14.8% (1.02 million) were unemployed.

Several sectors, including manufacturing, professional activities, and information and communication, saw a decline in employment, partly due to weather-related disruptions. However, Mapa noted that employment demand is expected to rebound in the “ber” months.

Meanwhile, the number of employed individuals decreased to 47.70 million in July, with the services sector accounting for the largest share of jobs at 60.8%. The underemployment rate stood at 12.1%, representing 5.78 million workers seeking additional hours or better employment.

The National Economic and Development Authority (NEDA) is finalizing the Trabaho Para sa Bayan Master Plan to enhance job opportunities and work skills, with a focus on infrastructure and digital transformation.