NCR jobs growth slower in Q4 — PSA
Employment in Metro Manila grew at a significantly slower pace in the fourth quarter of 2017, with most of the new hires seen in the services sector, the Philippine Statistics Authority (PSA) reported.
Labor turnover in the National Capital Region (NCR) was placed at 1.38 percent in the last quarter of 2017, notably lower than 3.36 percent posted in the same period in 2016. This, however, was marginally higher than the turnover rate of 1.10 percent in the third quarter of 2017.
The turnover rate is the difference between accessions (new hires) and separations. A positive turnover rate therefore shows more hiring than separations.
The accession rate of 8.27 percent outpaced the separation rate at 6.88 percent during the reference period. This rate implies that 14 workers per 1,000 employed were added to the region’s workforce during the quarter.
The highest turnover rate during the reference quarter was recorded in the services sector at 1.65 percent, where accession and separation rates were 8.68 percent and 7.04 percent, respectively. Hiring was most vibrant in financial and insurance activities with turnover rates of 3.72 percent; and accommodation and food service activities at 3.47 percent.
For the industry sector, the hiring and termination rates were very close at 6.69 percent and 6.26 percent, respectively, resulting in a turnover rate of 0.43 percent.
Among the industries under this sector, the most significant employment gain was in mining and quarrying at 10.16 percent. This was followed, albeit at a much lower rate, by water supply, sewerage waste management and remediation activities with turnover rates of 1.46 percent and construction at 1.21 percent.
On the other hand, negative labor turnover rates were seen in manufacturing (-0.47 percent) and electricity, gas, steam and air conditioning supply (-0.35 percent).
The agriculture, forestry and fishing sector also suffered a setback as it recorded a negative labor turnover rate of 4.61 percent given an accession rate of 1.87 percent and a separation rate of 6.48 percent.