2014 Labor Force Survey- May
The Department of Statistics releases the results of its Labour Force and Household Income Survey which was conducted in May of this year. The survey provides information on the labour force as it existed during the reference period of April 28 – May 4, 2014.
The results of the survey which covered a six months period indicate that the labour force increased slightly, less than one percent, since the last survey conducted in November 2013. The labour force now totals 197,335 persons. There was an increase in the number of employed persons and a decrease in the number of unemployed persons resulting in an unemployment rate of 14.3% for the country, indicating a decline over the 15.4% recorded last November. Both New Providence and Grand Bahama experienced decreases in their unemployment rates. In the case of New Providence, the rate is 15.0%; and in Grand Bahama, 14.7%.
In New Providence, while the number of persons in both the labour force and employed labour force was almost equally distributed by sex, the number of men was slightly higher than women in both groups and was fewer in number among the unemployed in both New Providence and Grand Bahama.
The unemployment among youths (15-24 years) in the country continued to be considerably higher than any other age group. The overall rate is 28%, which is lower than the rate recorded in November 2013.
Discouraged Workers in the country fell from 6,765 in November 2013 to 4,880 in May 2014. Both New Providence and Grand Bahama experienced a decline in the number of discouraged workers from 3,335 to 2,920 in the former and from 1,915 to 760 in the latter. These persons, according to the standard definition of the International Labour Organization (ILO), adhered to by The Bahamas and most countries including those of the Caribbean, United States and Canada, are not considered unemployed as they did not meet the three criteria of unemployment namely i) seeking work, ii) willing to work, and iii) able to work.
This release, with accompanying tables, will be immediately available on the department’s website, statistics.bahamas.gov.bs.
below: Statement By State Minister For Finance The Hon. Michael Halkitis On Release Of Latest Labour Force Survey:
Press Release
2014 Labour Force
Survey – May
18July 2014
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.
