Jamaica Achieves Record-Low Unemployment Rate of 4.2%
Jamaica’s unemployment rate has hit a new record low of 4.2% as of October 2023, according to the latest data released by the Statistical Institute of Jamaica (STATIN).
This figure represents a 0.3 percentage point decrease from the previous record low of 4.5%.
STATIN reported a robust employment landscape in October 2023, with more than 1.3 million individuals actively engaged in the workforce.
This marks an impressive surge of 85,600 more employed persons compared to October 2021.
Notably, there was no Labour Force Survey conducted in October 2022 due to the implementation of the 2022 Population and Housing Census.
Despite this, the size of the labour force exhibited substantial growth in October 2023, increasing by 3.7%, equivalent to an additional 48,900 individuals entering the workforce.
Breaking down the gender-specific dynamics, the number of males in the workforce increased by 3.4%, while females experienced a higher growth rate of 4%.
The Service Workers, Shop, and Market Sales Workers occupation group emerged as the leader in job creation, witnessing a remarkable 11% increase, equivalent to 31,000 more persons employed compared to 2021.
The second-largest growth was observed in the Elementary Occupations group, with a 15% expansion and an additional 22,000 employed individuals.
Youth unemployment took a significant dip, reaching 12.6%, a substantial 6.3 percentage points lower than the 18.9% recorded in October 2021.
Furthermore, the number of individuals outside the labour force decreased by 5.5%, translating to 42,300 fewer persons.
Finance Minister Dr. Nigel Clarke seemingly expressed satisfaction with the latest unemployment data, viewing it as tangible evidence of significant expansion of economic activity in Jamaica.
The positive trends in employment and workforce dynamics are expected to contribute to the nation’s overall economic growth and prosperity.
Remember to share this article on Facebook and other Social Media Platforms. To submit your own articles or to advertise with us please send us an EMAIL at: [email protected]