Unemployment Falls to 6.2% In January 2022

• The unemployment rate in January 2022 was 6.2% compared to 8.8% for the same quarter in 2021. 
• This rate is below its pre-pandemic level; however, it should be noted that in January 2020, before the start of the current pandemic, while the unemployment rate was 7.3%, there were more employed persons (1,272,700 in January 2020 relative to 1,257,100 in January 2022). There was also an overall larger economically active population (1,372,900) than in January 2022. 
• In January 2022, male employment increased by 28,200 (4.3%) and female by 29,600 (5.5%). The increase in the number of employed males was mainly in the occupation group ‘Craft and Related Trades Workers’ while the increase in female employment was mainly in ‘Clerks’. The increase in employment for males and females was mainly in the industry group ‘Real Estate and Other Business Services.’ 
• The overall improvement in employment levels continues to be driven by the rebound in economic activity and expansion in service sectors such as business process outsourcing. It is also anticipated that the public investment project which will involve the expansion of the North Coast Highway with the construction of an additional two lanes from Seacastles to Mammee Bay, will also create new jobs. That being said, as the gradual recovery continues, we should see a further reduction in the unemployment rate. However, the rate of decline may be impacted by a likely increase in the number of persons seeking jobs.

(Source: STATIN)