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Thursday, 16 February 2023

Unemployment dips in 4Q 2022

Unemployment dipped to 7.2% in 4Q 2022, down 0.2 percentage points from the July-September quarter, according to data (pdf) from statistics agency Capmas out yesterday. The jobless rate is also down 0.2 percentage points compared to the same quarter last year.

REMEMBER- The unemployment rate doesn’t count people who are not looking for jobs or who are unable to work. The labor force participation rate — which counts everyone aged 15-64 either in work or actively looking for work — was effectively unchanged at 42.8% during the quarter and was down from 43.8% in 4Q 2021.

Unemployment among women rose: The rate of unemployed women rose 0.2 percentage points q-o-q to 19.3%, while male unemployment fell to 4.7% from 5.2%. Unemployment among women is consistently much higher than among men.

Youth jobless rates rose again this quarter: The rate of unemployment among 15-29 year olds accounted for 63.0% of all jobless people in 4Q 2022, compared to 61.9% the previous quarter.

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