A new analysis was applied to calculation of the unemployment rate. You've probably heard the PM boast that the rate is now at 5%, attributing it to the government's hard work. You also might have been confused since, on the ground, it doesn't really feel like only 5% of the population isn't working.
But while there have been new jobs created in the BPO and tourism sector, SIB's calculation now only includes those who can work and who are actively job hunting - meaning that if you've been unemployed for over a year and you're not looking to change that, you may be unemployed, but you aren't part of that 5%.
Today, the Director General of SIB, Diana Castillo-Trejo explained:
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