Monday, June 8, 2020
Results of the April 2020 Labor Force Survey shows that unemployment rate in the region registered at 11.1 percent. This is the highest recorded unemployment rate since 2005. Unemployment rate in January 2020 was reported at 3.2 percent while April 2019 unemployment rate posted at 5.0 percent.
In terms of magnitude, the total number of unemployed individuals as of April 2020 reached to 236 thousand, higher than the recorded unemployed persons in April 2019 at 121 thousand. In other words, there are 115 thousand more individuals who are unemployed as of April 2020 as compared to the same period in the previous year which reflects the impact of COVID-19 economic shutdown to the labor market.
Lowest Unemployment Rate Among the 17 regions
The region’s unemployment rate is lower than the national average of unemployment rate at 17.7 percent. The region also posted the lowest unemployment rate among the 17 regions.
Employment Rate Drops to 88.9 percent
Employment rate in the region fell to 88.9 percent in April 2020 from 96.8 percent in January 2020. In April 2019, employment rate registered at 95.0 percent. This translates to a decrease in the employed persons by around 400 thousand, that is, from 2.3 million employed persons in April 2019 to 1.9 million persons in April 2020.
The region, however, recorded the highest employment rate among the 17 regions of the country.
RUBEN D. ABARO, JR, CESE