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Financial News: Philippines Industrial Production Growth Slows; Jobless Ra

Philippines Industrial Production Growth Slows; Jobless Rate Falls

01/06/2023 - 04:24:00 (RTTNews)

(RTTNews) - The Philippines' industrial production index increased at a softer pace in November and the unemployment rate declined, data from the Philippine Statistics Authority showed on Friday.

The unemployment rate declined to the lowest rate since April 2005 and employment increased slightly.

The production index value for manufacturing increased 12.7 percent yearly in November, after a revised 13.0 percent growth in October.

Manufacture of machinery and equipment for electrical contributed the highest growth among industry divisions, by 67.9 percent yearly in November, while the production of electrical equipment declined the most, down 53.6 percent along with the renaming five industries.

The production index volume increased 5.9 percent annually in November, following a 5.3 percent rise in the preceding month.

The average capacity utilization rate for the Philippine manufacturing sector rose to 72.5 percent in November from 72.4 percent in the previous month.

Data also showed that the producer prices increased 6.4 percent year-on-year in November, after a 7.3 percent rise in October.

Separate data from the statistical office showed that the Philippines' jobless rate fell to 4.2 percent in November from 4.5 percent in October. This was the lowest rate since April 2005.

In the same month last year, the unemployment rate was 6.5 percent.

The number of unemployed persons decreased to 2.18 million in November from 3.16 million in the same month last year. In October, the number of unemployed was 2.24 million.

The employment rate rose to 95.8 percent in November from 95.5 percent in the prior month.

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