Economy Update: Unemployment At Three Year Low

Unemployment at 3 year low (1)STATIN recently released its quarterly unemployment statistics, which means its time for an employment update. In Q3 2015, the unemployment rate was down to 13.1%, a decline of 0.7% since this time last year. This represents a three year low for the unemployment rate; it has not been this low since July 2012.

Click to enlarge. Source: STATIN.

In Q3, the employed labour force stands at 1,147,500 persons, marking an increase of 15,300 jobs since the beginning of the year, and of 19,000 jobs since the decline in labour force participation in the last period.

As mentioned in our last post on the topic, unemployment among the youth and women are matters of concern. In Q3 2015, unemployment figures for both these demographics are still troubling, but are declining. The unemployment rate for the youth, considered as those age 14-24 seeking work, is 30.9%, a decline of 3.3% since the same period last year and for women is 17.7%, a decline of 0.7% for the same period. For men, the unemployment rate is now 9.3%, down from 9.9% in Q3 of 2014.

As seen by the figures above, unemployment rates have begun to trend downwards. Look out for next quarter’s update to see if this trend continues. Before that, keep an eye out for diGJamaica’s review of the island’s economic performance for the past month, coming at the end of this week.