Rosy labor market to fuel spending—Diokno

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In a statement on Wednesday, Nov. 9, Finance Secretary Benjamin E. Diokno said the latest Labor Force Survey (LFS), which showed the highest employment rate since the onset of the pandemic, is a welcome development.

The Department of Finance is optimistic that the rosy domestic labor market would fuel consumer spending that supports the country’s economic recovery from the prolonged-pandemic.

“We expect that the strong labor market will continue to fuel domestic demand and support the country’s economic growth,” Diokno said. “The jobs market is seeing continued positive developments as economic activity normalizes.” “The quality of employment is also improving. The employment growth was mainly contributed by wage and salary workers, particularly in private establishments,” Diokno said.

Across sectors, services continued to dominate the jobs market as it registered the largest share of employment at 58.9 percent, followed by agriculture and industry at 22.5 percent and 18.6 percent, respectively.

 

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