INQUIRER: PH JOBLESS RATE UNCHANGED DESPITE GDP GROWTH
World Bank's Human Development Network: These growth increases DID NOT necessarily TRANSLATE into improved labor market conditions, however, except in Thailand," the note said. Despite the GDP growth, latest figures showed that the unemployment rate in the country hit 7 percent in July 2012, almost UNCHANGED from 7.1 percent a year ago. Further, the report noted that the quality of employment was deteriorating, as the underemployment rate rose by 22.7 percent in July 2012 from 19.1 percent in July last year.
World Bank's Human Development Network: These growth increases DID NOT necessarily TRANSLATE into improved labor market conditions, however, except in Thailand," the note said. Despite the GDP growth, latest figures showed that the unemployment rate in the country hit 7 percent in July 2012, almost UNCHANGED from 7.1 percent a year ago. Further, the report noted that the quality of employment was deteriorating, as the underemployment rate rose by 22.7 percent in July 2012 from 19.1 percent in July last year.
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