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Financial News: Philippines Industrial Production Rises; Jobless Rate Fall

Philippines Industrial Production Rises; Jobless Rate Falls To 4.5%

12/07/2022 - 04:49:00 (RTTNews)

(RTTNews) - The Philippines' industrial production index increased in October and the unemployment rate declined, data from the Philippine Statistics Authority showed on Wednesday.

The production index value for manufacturing increased 12.7 percent yearly in October, following a revised 12.0 percent rise in September.

Manufacture of machinery and equipment for electrical contributors among industry divisions, surged 76.4 percent yearly in October, while the manufacture of electrical equipment declined the most, down 55.8 percent.

The production index volume rose 5.1 percent annually in October, following a 4.1 percent increase in the preceding month.

The average capacity utilization rate for the Philippine manufacturing sector rose to 72.4 percent in October from 71.5 percent in the previous month.

Data also showed that the producer prices increased 7.2 percent year-on-year in October, after a 7.5 percent rise in September.

Separate data from the statistical office showed that the Philippines' jobless rate fell to 4.5 percent in October from 5.0 percent in September.

In the same month last year, the unemployment rate was 7.4 percent.

The number of unemployed persons decreased to 2.24 million in October from 3.50 million in the same month last year. In September, the number of unemployed was 2.50 million.

The employment rate rose to 95.5 percent in October from 95.0 percent in the prior month.

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