WV’s Unemployment Rate Drops To 6 Percent In January

WV’s Unemployment Rate Drops

 To 6 Percent In January

Unemployment rate in Western Visayas went down to 6.0 percent in January 2015 from 6.6 percent a year ago. Our report is based on the result of the Labor Force Survey conducted by the Philippine Statistics Authority.

The labor force participation rate (LFPR) in the said month was estimated at 62.8 percent. It was down from the LFPR in January 2014 which was estimated at 63.4 percent. The labor force consists of the employed and the unemployed.

Meanwhile, underemployment rate in January 2015 dropped to 21.4 percent which is lower compared to 22.9 percent a year ago. Underemployment rate is the percentage of the underemployed to the total employed.

According to Mrs. Rodelyn R. Panadero, Statistician II/OIC of PSA-Aklan, the underemployed persons are those who are employed but express the desire to have additional hours of work in their present job, wanted to have additional job, or to have a new job with longer working hours.

As a result of the decline, employment rate in the region edges up to 94.0 percent in January 2015 from 93.4 percent in the previous year.

The Labor Force Survey (LFS) is a nationwide quarterly survey of households, It aims to gather data on the demographic and socio-economic characteristics of the population for use as basis for the formulation of plans and policies affecting the labor market. /MP