Unemployment At Record Low; 4.2% October 2023

• The Statistical Institute of Jamaica (STATIN) reported that the unemployment rate in October 2023 was 4.2%, 2.9 percentage points lower than in October 2021.
• STATIN noted that it compared the October 2023 Labour Force Survey findings with the corresponding 2021 results. This is because no Labour Force Survey was conducted in October 2022 due to the implementation of the 2022 Population & Housing Census.
• The unemployment rate for October 2023 was also 0.3 percentage points lower than April 2023 and 0.4 percentage points lower than July 2023. The unemployment rate for males was 3.1%, down from 5.4% in October 2021 and 5.4% for females, down from 9.0% in the comparable quarter of 2021.
• In October 2023, there were 724,600 people outside the labour force, a 5.5% decrease from 766,900 in October 2021. In April, there were 1,100 fewer people out of work, but in July 2023, there were 1,800 more. There were 291,700 males and 432,900 females out of the labour force. In the current quarter, compared to October 2021, there were 22,100 (7.0%) fewer males and 20,200 (4.5%) fewer females working outside the labour force.
• The largest increase in employment by occupation group was in ‘Service Workers and Shop and Market Sales Workers’ with 308,400 persons employed in October 2023. This represents an 11.2% increase when compared to October 2021. Within this occupation group, male employment increased by 13,500 (14.0%) and female employment by 17,500 (9.7%).
• In October 2023, there were 152,600 persons working in ‘Real Estate and Other Business Services’ and 133,200 persons in ‘Construction,’ an increase of 16.8% and 16.9%, respectively. These represent the largest increases by industry group.
• While lower unemployment bodes well for economic growth and job creation, it could also put upward pressure on wages and keep inflation elevated.

(Source: STATIN)