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Financial News: Philippine Industrial Output Growth Eases; Jobless Rate Fa

Philippine Industrial Output Growth Eases; Jobless Rate Falls

11/08/2022 - 02:54:00 (RTTNews)

(RTTNews) - Philippine industrial production continued to expand strongly in September, though at a slower pace than a month ago, preliminary data from the Philippine Statistical Authority showed on Tuesday.

Separate office data revealed that the jobless rate dropped in September, while the employment rate rose to its highest level in thirty-two months.

The value of production in the manufacturing industries logged a double-digit annual growth of 10.0 percent in September, following a revised 11.8 percent gain in August. Production has been rising since April 2021.

Among divisions, the manufacture of machinery and equipment except electrical showed the strongest annual growth in September, by 86.3 percent.

Manufacturing of wood, bamboo, cane, rattan articles and related products grew significantly by 76.6 percent.

Meanwhile, production of electric equipment alone plunged 53.5 percent, and that of basic metals fell 32.3 percent.

The volume of industrial production also expanded 2.4 yearly in September, after a 4.4 percent increase in August.

Data also showed that the net sales index increased at a slower rate of 23.0 percent annually in September, following a 26.6 percent rise in the prior month.

Another report showed that the unemployment rate fell to 5.0 percent in September from 5.3 percent in August.

In the corresponding month last year, the jobless rate was 8.9 percent.

Meanwhile, the employment rate rose to 95.0 percent in September from 94.7 percent a month ago. Moreover, this was the highest employment rate since January 2020.

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