SWS survey points to 1st quarter unemployment rising to 23.9%
JOBLESSNESS in the first quarter of 2018 rose to 23.9%, from 15.7% in the three months to December, according to the polling firm Social Weather Stations (SWS).
SWS said the first-quarter estimate, based on a survey, was the highest since the 25.1% reading in the three months to December 2016.
The 23.9% unemployment rate in the survey finding, projected out into the total work force, is equivalent to 10.9 million adults, while the 15.7% from a quarter earlier is equivalent to 7.2 million.
SWS said its first-quarter survey also found that net optimism on job availability in the next 12 months slipped from an “excellent” rating to “very high.”
SWS includes in its adult jobless category those who voluntarily leave their jobs, those who lose their jobs due to economic circumstances beyond their control and those seeking jobs for the first time.
The first-quarter survey was conducted between March 23 and 27 using face-to-face interviews of 1,200 adults nationwide with a sampling error margin of plus or minus three points.
Respondents who told SWS they were jobless include:
* 12.6% who resigned or voluntarily left their jobs, edging up 4.3 points from 8.3% in the three months to December;
* 7.7% who involuntarily lost their jobs, up from 5.9% a quarter earlier; and
* 3.5% who were first-time job seekers, compared to 1.5% previously.
The three months to March survey points to an adult labor force participation rate of 71.4%, equivalent to an estimated 45.8 million adults, little changed from 72.1% in the three months to December, or an estimated 45.5 million adults. SWS includes in its defi nition of those participating in the adult labor force persons aged 18 years old and over who are employed, plus those who are jobless and looking for a job.
Optimism that there will be more jobs fell by four points to 49% in the three months to March while pessimism remained at 12%. The proportion of those who said there will be no change in job availability increased to 25% from 24% previously.
SWS noted that this downgraded the net optimism on job availability from the “excellent” rating of plus 41 in the three months to December to a “very high” rating of plus 37 in the three months to March.
The polling firm also noted that adult joblessness increased in all areas except the National Capital Region (NCR) where it fell to a record low a record low 19% in the three months to March from 19.5% in the three months to December.
Joblessness also increased among all age groups. Respondents who were 45 and above reported a jobless rate of 17.4%, up 8.9 points from a quarter earlier. Among those who were 18 to 24, the rate was 53.1%, up 8.1 points from a quarter earlier. —