Thread: Slight unemployment increase, within normal range: NESDC

BANGKOK(NNT) - Following reports of a worldwide economic slowdown including in Thailand, leading to concerns on unemployment, the National Economic and Social Development Council (NESDC) has confirmed the unemployment rate in Thailand in Q3 2019 has slightly increased, but remains within the normal range. It is expected to go down next year, while the level of household debt in the nation has also lessened.


The NESDC Secretary General, Thosaporn Sirisumphand, has revealed the latest economic figures for Q3 2019, where the overall household debt in Q2 was 13 trillion baht or 5.8 percent, lower than the 6.3 percent figure in Q1, due to the slowdown in housing and car loan offers.


During this period, housing loans have seen a decrease to 7.8 percent, compared to 9.1 percent in the previous quarter, while the ratio of personal loans has increased to 11.8 percent due to the expansion of credit card and personal loan business.


The overall household debt in Q2, 2019 was listed at 78.7 percent, a figure which the NESDC secretary general commented on as being not so high. He said the Thai economy during the rest of this year and into next year will perform better, resulting in a decrease in household debt per GDP.


Economic Cabinet members have ordered the Bank of Thailand and the NESDC office to conduct studies on debt accumulation in households, and to categorize such behavior in a report due to be issued in December. This data will be used to solve and regulate household debt issues, promoting occupations, and for campaigns discouraging unnecessary spending.


According to the NESDC’s report, the latest unemployment figure in Thailand, stands at 394,000 persons, showing a 5.5 percent increase. Employment in agriculture has decreased by 1.8 percent, a consecutive decrease over three quarters due to natural disasters, while employment in manufacturing has decreased by 5.2 percent, along with a 2.2 percent decrease in construction.


Despite higher unemployment in these industries, the tourism industry including persons working in hotels and restaurants has seen a 3.1 percent employment increase, and 1 percent increase in transportation due to higher tourist numbers. Overall, wages have increased to an average of 14,344 baht per month in farming, manufacturing, hotels and restaurants.


In the final quarter this year, the unemployment figure is expected to drop by 0.9 percent to 355,000 persons, due to the return of elders and those working from home to the workforce.


National News Bureau Of Thailand

Originally Posted by misskit

He said the Thai economy during the rest of this year and into next year will perform better, resulting in a decrease in household debt per GDP.

He may be making a few assumptions with that statement!

The "department" stores should easily be able to absorb any excess in the unemployable market - a few thousand more stood around doing nothing will make no difference!