Unemployment rate seen hitting 14.5% in 2020

15 Jun 2020
THE unemployment rate is likely to average 14.5% in 2020 with the next labor force survey expected to reflect a more dismal picture of the job market than the April findings and a grimmer outlook for the economy, according to Nomura Global Markets Research.
“Taking into account the outturn in April, we raise our 2020 unemployment rate forecast to an average 14.5% from 7.1% earlier, up more sharply from 5.1% in 2019,” it said in a note Monday.
The Philippine Statistics Authority’s April had unemployment at 17.7% in April from 5.1% a year earlier. This translates to 7.25 million jobless Filipinos during the month, more than three times the 2.27 million in April 2019.
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