Financial News: Philippine Industrial Output Growth Strongest In 10 Months

Philippine Industrial Output Growth Strongest In 10 Months; Jobless Rate Rises

(RTTNews) - Philippine industrial production continued to expand strongly at the start of the year, and at the fastest pace since March 2022, preliminary data from the Philippine Statistical Authority showed on Thursday.

Separate office data revealed that the jobless rate dropped for the second straight month in January.

The value of production in the manufacturing industries logged a double-digit annual growth of 15.4 percent in January, much faster than the revised 9.5 percent gain in December. Production has been rising since April 2021.

Among divisions, the manufacture of electrical equipment recovered sharply by 55.3 percent annually in January, after a 54.5 percent slump in the prior month.

Manufacturing of food products alone grew 25.1 percent and that of transport equipment advanced by 24.1 percent.

The volume of industrial production expanded 10.6 percent yearly in January, after a 4.2 percent increase in the prior month.

Data also showed that the value of the net sales index advanced at a faster rate of 19.9 percent annually in January, following a 16.4 percent rise in the prior month.

Another report revealed that the unemployment rate climbed to a 4-month high of 4.8 percent in January from 4.3 percent in December.

In the corresponding month last year, the jobless rate was 6.4 percent.

Meanwhile, the employment rate dropped to 95.2 percent in January from 95.7 percent a month ago.

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