Minister: Unemployment Rate Recorded At 3.1%
The November 2022 Labour Force Survey Report.indicates that Bermuda’s unemployment rate was recorded at 3.1%, youth unemployment rate was 11.1% and the median gross annual income from person’s primary job for the working population during the reference week was $65,725, Minister of Economy and Labour Jason Hayward said in the House of Assembly.
The Minister’s full statement follows below:
Good morning Mr., Speaker, I am pleased to rise today to provide to the Members of this Honourable House an overview of the November 2022 Labour Force Survey Report.
Mr. Speaker, the latest Labour Force Survey results show [i] that there has been a significant positive shift in Bermuda’s labour market, and [ii] that the labour market continues to recover from the economic downturn caused as a result of the pandemic.
Mr. Speaker, the report indicates that Bermuda’s unemployment rate was recorded at 3.1%, significantly lower than the unemployment rate measured in 2019 and significantly below the 7.9% unemployment rate measured in November 2020.
Further, Mr. Speaker, the Youth Unemployment rate was recorded at 11.1%, a measurable decrease from the 32.1% unemployment rate measured in November 2022. It is interesting to note, among the race categories, blacks had the highest unemployment rate at 3.8%, while the mixed/other race category had the lowest at 1.0%. It is no surprise that the data illustrates that the unemployment rate for persons with high school certificates was triple that of persons with degrees.
Mr. Speaker, the labour force was estimated at thirty-six thousand, five hundred and fifty-nine [36,559] persons in November 2022, with a labour force participation rate equaling 82.9%. The working population comprised 96.9% of the labour force during this reporting period.
Mr. Speaker, the total working population stood at thirty-five thousand, four hundred and thirty-eight [35,438] persons. Men represented just over half [50.5%] of workers. Bermudians comprised 75.6% of the working population, and blacks represented most workers at 58.4% of the total working population. To be clear, Bermudian employment has returned to pre-pandemic levels.
Mr. Speaker, the median gross annual income from person’s primary job for the working population during the reference week was sixty-five thousand, seven hundred and twenty-five dollars [$65,725].
Additionally, Mr. Speaker, the economically inactive population was seventeen thousand, nine hundred and three [17,903] persons in November 2022, the majority of which comprised retirees and students.
Mr. Speaker, in closing, I thank all households that participated and completed the survey. It is clear that from the Labour Force Survey data that Bermudian employment is up, and unemployment is down which is a positive trend that aligns with the strengthening Bermudian economy.
Thank you, Mr. Speaker.
In such a tiny place with a population no bigger than a small town someone please explain how it takes seven months to produce such basic information?
The information should be possible to be produced in a week. What do the people responsible do all day?