Jamaica’s unemployment charge fell to 4.2 per cent for the month of October 2023, marking a shift from the 4.5 per cent recorded within the earlier two quarters.
This units a brand new file for the nation.
Latest information, unveiled by the Statistical Institute of Jamaica (STATIN) on Tuesday, highlights a considerable improve within the labor drive.
Evaluating October 2023 to October 2021, the statistics reveal that 85,600 people joined the workforce throughout this two-year span.
Knowledge confirmed that probably the most notable surge in employment group may be attributed to the occupational class of ‘Service Employees and Store and Market Gross sales Employees.’
In tandem with the rise in employment throughout varied sectors, particular industries have emerged as strong contributors to this development.
‘Actual Property and Different Enterprise Companies’ in addition to ‘Building’ displayed will increase in employment.
Minister of Finance stresses want for fairness
Regardless of the general enhancements, gender disparities throughout the labor drive stay palpable. As of October 2023, the unemployment charge stands at 3.1 per cent for males and 5.4 per cent for females.
Finance Minister Dr. Nigel Clarke acknowledged this regarding divide, emphasizing the urgency of addressing it to additional elevate Jamaica’s employment numbers.
CAPRI’s findings
These developments come within the wake of a latest report from the Caribbean Coverage Analysis Institute (CAPRI).
Their findings revealed {that a} vital proportion, 60 per cent, of working-age Jamaicans, who’re bodily in a position to work, have chosen to not enter the labor drive.
CAPRI has dedicated to delving deeper into this phenomenon, conducting extra analysis to unearth the underlying components behind this development.
