Economic Jobs Essay

363 words - 2 pages

The National Economic and Development Authority (NEDA) today announced that the economy created 976,000 jobs in 2004, a clear upturn from the 574,000 jobs generated the previous year.

Citing figures from the October 2004 Labor Force Survey (LFS), employment growth was seen in agriculture at 158 thousand, industry at 159 thousand, and services at 659 thousand.

According to NEDA Chief and Socioeconomic Planning Secretary Romulo Neri, a positive development is that most of the employment was in the formal sector with wage and salaried workers up by ...view middle of the document...

65 million jobs per year to meet the 6-10 million jobs target for the period 2004-2010.”

The NEDA Chief noted that modest growth in jobs is consistent with the expected economic slowdown in the fourth quarter on account of the impact of high oil prices on the economy. He said that firms may also be economizing on labor following the increase in minimum wages starting in August 2004.

The latest LFS shows that unemployment rate inched up year-on-year to 10.9 percent in October 2004 compared to 10.2 percent in the same period last year. This brings the average unemployment rate in 2004 to 11.8 percent compared to 11.4 percent in 2003.

Agriculture generated only 29 thousand workers, while services added only 215 thousand workers compared to 594 thousand jobs created the previous year.

Aside from manufacturing and construction, other job losers were: other community and personal services (41 thousand), fishing (35 thousand), financial intermediation (31 thousand), household helpers (29 thousand), real estate (13 thousand) and health and social work (10 thousand).

Meanwhile, the following hired more workers: trade (130 thousand); transportation, communication and storage (93 thousand); public administration and defense (68 thousand); agriculture, hunting and fisheries (64 thousand), education (44 thousand).

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