The country's unemployment rate stood at 4.3 percent in May 2023, or an estimated 2.7 million Filipinos who had no job, improving from the 4.5 percent recorded in the month prior.

The preliminary result of the latest Labor Force Survey (LFS) conducted by the Philippine Statistics Authority (PSA) has indicated that the 4.3 percent of unemployment rate in May is the second lowest since April 2005.

This figure is also the lowest following the 4.2 percent unemployment rate logged in November 2022.

Meanwhile, The number of Filipinos employed in May 2023 registered at 95.7 percent or 48.26 million — slightly up from the 95.5 percent recorded in April.

The 11.7 percent underemployment was the second lowest since April 2005 with the March 2023 underemployment rate of 11.2 percent as the lowest.

The PSA said the overall Labor Force Participation Rate (LFPR) of Filipinos, aged 15 years old and above, who are both employed and unemployed was 65.3 percent in May 2023.

This translates to 50.43 million Pinoy, slightly higher than the 50.31 million in April 2023.

The five sectors with the highest employment recorded were Agriculture and forestry with 1.25 million, Accommodation and food service activities with 398,000, other service activities with 365,000, fishing and aquaculture with 351,000, and arts and entertainment with 305,000.

Contrarily, the five industries with declining employment are wholesale and retail trade; repair of motor vehicles and motorcycles with -781,000; construction at -274,000; manufacturing at -253,000; Water supply; sewerage, waste management, and remediation activities at -78,000; and Information and communication at-51,000.

The statistics office also reported that Youth Labor Force Participation Rate (LFPR) stood at 33.8 percent in May 2023, with 89.4 percent employed youth.