Manila: Local jobs data is expected to continue its upward trajectory in the coming months, bolstered by holiday spending and preparations for the mid-term elections, an economist said on Wednesday. Rizal Commercial Banking Corporation chief economist Michael Ricafort highlighted these trends in a Viber message, noting that local employment data could sustain its improving trend, reaching some of the best levels observed since revised records began in 2005.

According to Philippines News Agency, the latest data from the Philippine Statistics Authority (PSA) indicated that the country’s employment rate increased to 96.3 percent in September, up from 95.5 percent in September 2023. Concurrently, the unemployment rate fell to 3.7 percent from 4.5 percent in the same period last year. The labor force data for October 2024 is scheduled for release by the PSA on December 6.

Ricafort pointed out that the seasonal surge in demand during the Christmas season is likely to generate more job opportunities. “Christmas-re
lated spending by consumers is among the largest, if not the biggest, in a typical year,” he stated. Additionally, Ricafort emphasized that the forthcoming midterm elections next year will further contribute to job creation. “Preparations for the 2025 midterm elections, such as increased government spending on infrastructure and other government projects, would also entail more jobs,” he explained.

Nonetheless, Ricafort also warned of potential offsetting risk factors, including temporary work stoppages and possible transitory supply chain disruptions caused by typhoons. These elements could pose challenges to the otherwise positive employment outlook.