Press Release 2014 Labour Force Survey – May 18July 2014 FOR IMMEDIATELY RELEASE The Ministry of Finance notes that The Department of Statistics has released the results of its Labour Force and Household Income Survey which was conducted in May of this year. The results of the survey indicate a decrease in the national unemployment from 15.4% in November 2013 to 14.3% in May 2014. Also noteworthy was a nationwide decrease in the number of discouraged workers, that is, workers who had previously given up looking for work from 6,765 individuals in November 2013 to 4,880 individuals in May 2014. This decrease of 28% in the number of discouraged workers is a strong indication of increased optimism in the economy by job seekers. Notably, in Grand Bahama, the number of discouraged workers decreased by 60%. The combination of the decrease in the rate of unemployment and the decrease in the number of discouraged workers is positive indication of the improving health of the Bahamian labour market. The overall rate of unemployment among workers aged 15-24 years remains a concern. This rate is, and historically has been considerably higher than any other age group. The May 2014 survey indicated an overall rate of unemployment 28% among this age group. While lower compared to the previous year in line with the overall reduction in the rate of unemployment; clearly this is one area that will continue to require focused attention. Overall the survey paints a picture of a gradual improvement in the labour market in line with the gradual strengthening of the Bahamian economy.
Posted on: Fri, 18 Jul 2014 20:47:48 +0000
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