Unemployment Rate Remains Below Pre-Pandemic Figures

• The unemployment rate in July 2022 was 6.6% compared to 8.5% for the corresponding period of 2021.
• While this rate is below the pre-pandemic level, it should be noted that the employed persons declined relative to April 2022 outturn when 1,269,300 persons were employed versus 1,268,000 persons as of July 2022.
• The number of employed males increased by 11,000 (1.6%) to 688,500 year-over-year, while the number of employed females increased by 42,000 (7.8%) to 579,500, accounting for 79.2% of the increase in the employed labour force.
• The unemployment rate is expected to remain at low levels going forward due to the full reopening of the economy, increased demand for workers, especially in service sectors, as well as higher employment opportunities in the BPO and tourism sectors. The global services sector (GSS)/BPO sector grew during the pandemic and at present, Jamaica has over 60 BPO companies with over 54,000 people employed up from about 36,000 persons in 2019. The government plans to improve economic diversification and resilience through growth in this sector which bodes well for the unemployment rate.

(Sources: STATIN and NCBCM Research)