Video: Minister Hayward Press Conference
[Updated] Minister of Economy and Labour Jason Hayward held a press conference today [May 2] on Bermuda’s Labour Force Survey. We will have additional information later on, and you can watch live replay below.
Update 2.45pm: Minister Hayward’s remarks:
Good morning,
Today I am pleased to formally release the May 2023 Labour Force Survey Report from the Department of Statistics.
The latest Labour Force Survey [LFS] results show that there has been a significant positive shift in Bermuda’s labour market. The data indicates that unemployment was measured as 2.5 per cent, this is the lowest recorded unemployment rate since the 2.0 per cent unemployment rate recorded in 1980.
The report contains selected indicators of the labour force including estimates of employment, unemployment, underemployment, participation, and hours worked. The purpose of the LFS is to measure and assess the current labour force trends.
It is worth noting this report does not include comparisons to previous LFS Reports due to comparability being impacted by methodological changes and the lack of seasonal adjustment. Additionally, it is important to emphasise that the Survey is a sample and, as such, estimates obtained are subject to variability.
Unemployment
As stated, Bermuda’s unemployment rate was recorded at 2.5 per cent. There were an estimated 941 people unemployed as of May 2023. Of that figure, 568 males were unemployed while 373 were female. The 16-24 age group had the highest unemployment rate of 15per cent compared to the 35-44 age group, which had the lowest unemployment rate at 0.6 per cent.
The unemployment rate for Bermudians was 2.9 per cent. while the unemployment rate for non-Bermudians was 1.4 per cent. Among the race categories, blacks had the highest unemployment rate at 3.2 per cent, while the mixed/other race category had the lowest at 1.0 per cent. The unemployment rate for persons with high school certificates was triple that of persons with degrees.
The Labour Force Survey is a household survey of private dwelling units targeting all persons 16 years and over. The results of the survey indicated the following:
- The working population comprised 75.2 per cent Bermudian and 24.8 percent non-Bermudian.
- The employment rate was 81.4 per cent.
- The Labour Force Participation rate was 83.5 per cent.
- The average hours worked per week in the main job was 41.3.
- The median gross annual income from the main job for the working population during the reference week was $68,826.
- Females experienced a higher median gross annual income than their male counterparts.
- Bermudian workers made 87per cent as much as non-Bermudian workers.
In closing, I am grateful to all the households that participated and completed the survey. The positive labour market trends are strongly correlated to the positive economic news released last month when it was reported the Bermuda’s economy grew by an estimated 8.3 per cent in Q3 of 2023, marking the fastest pace of growth in the last two years.
Bermuda’s economic and labour market performance continues to trend in a positive direction. It is clear that from the Labour Force Survey data that employment is increasing and so is worker’s income which is a positive trend that aligns with the strengthening Bermudian economy. The Government will continue to facilitate the expansion and sustainability of Bermuda’s economy by creating a business environment that allows businesses to expand and thrive.
The May 2023 Labour Force Survey is available on the Bermuda Government portal at https://www.gov.bm/employment-statistics.
Thank you.
The full May 2023 Labour Force Survey Report follows below [PDF here]:
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It is very nice that unemployment is estimated at 2.5% of the population, but what is the estimated population and how many of those are Bermudians? Only by considering those factors can we see if the low estimate of unemployment is due to people leaving Bermuda or an actual increase in employment.
Also, the admission that this survey has not been compared to previous such surveys makes the reported analysis all be meaningless.
The Minister himself has admitted the numbers are rubbish. “It is worth noting this report does not include comparisons to previous LFS Reports due to comparability being impacted by methodological changes and the lack of seasonal adjustment. Additionally, it is important to emphasise that the Survey is a sample and, as such, estimates obtained are subject to variability”.
Has no idea how many people have emigrated or what is the population. Total lack of any meaningful data.
This is just lies. Let’s do the math.
65,000 people, 54% working age (World Bank) = 35,100
Of those 12% choose not to work (US ave), largely home makers = 30,900
So 2.5% of that is 770 people.
The Bermuda charity HOME estimated today there are 811 homeless people in Bermuda, the majority of which are of working age – sadly the homeless generally don’t live late.
Something not adding up? THIS IS LIES WAYWARD HAYWARD.
Catagory #99 Above has not been address ! I guess they pushed that one under the rug as that catagory consist of a large and ever growing number of our population who are people who have actually become seniors at the dreaded age .
Working for Government retirement becomes automatic where people are show the other side of the door having been given a bunch to silly reasons they are no longer required .
A clasic examples are our invaluable Pink ladies at the hospital.
It is easy to go by the policies contained in the book but that does not mean the book is 99% right , that also does not mean that our older people are no longer capable as most if not all jobs are repedative .
The loss of our big hotels has paid a heavy price , Back then ok for convnesions no exactly very romantic for young and old these das are we marketing the wrong product ?
Skill and know how go hand in hand where ability is all that is needed.
Idle hands makes jack and Jill a dull boy and girl .
I tell many people not to retire if they do not have to , keep moving you will live longer.
The increasing senior population need to feel that they are wanted even it is part time.
Ever tried living on a fixed income however the perks and discounts only apply to the purchase have been superseded by inflation .
Spending money does no save money
There will always a place for those who have work ethic; experiance; reliability; and most of all ability.
We hear about people leaving the island and more to follow causing a brain drain , you do not have to tell me what caused that ,all is not lost we still have people here who are more than worth their weight in gold.
I was hoping that Bermuda would graduate to a 4 day work week , is that is like hoping the cows could fly?
Is this for real? Why waste the publics time with this report if you are going to add this disclaimer:
“It is worth noting this report does not include comparisons to previous LFS Reports due to comparability being impacted by methodological changes and the lack of seasonal adjustment. Additionally, it is important to emphasise that the Survey is a sample and, as such, estimates obtained are subject to variability.”
So in other words, here is a report, that is not really a report – it is a sample (whatever that means) that we prepared that you cant compare or measure against any other report because we are just estimating and our estimates to variables.
Goodness gracious we need to get rid of this government somehow before the phone book is just a pamphlet !