MANILA, Dec. 10 (Xinhua) -- The Philippines' jobless rate in October dropped to its lowest level in 10 years, despite the slowdown in economic growth in the third quarter.
According to the Philippine Statistics Authority, the unemployment rate in October fell to 6 percent from the 6.4 percent recorded in the same period a year ago.
The National Economic and Development Authority (NEDA) said the unemployment rate for the October 2014 survey round of the Labor Force Survey is the lowest recorded since April 2005.
In nominal terms, there were 2.48 million unemployed Filipinos in October, an improvement from the 2.6 million jobless individuals in the country last year.
The employment performance was better in October 2014 even as the economy grew by only 5.3 percent in the third quarter, significantly below the government's full-year target of 6.5 to 7. 5 percent.
The survey by NEDA also showed that the number of employed Filipinos increased by 2.8 percent to reach 38.8 million from 37.8 million in the same period last year.
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