Unemployment Drops Again in October 2024 to 3.5%

  • Data from the Statistical Institute of Jamaica (STATIN) Labour Force Survey (LFS) revealed the unemployment rate stood at 3.5% in October 2024, down from 3.6% in July 2024. This marks one of the lowest unemployment rates recorded, even as disparities between genders and age groups remain evident.
  • The total number of unemployed individuals amounted to 51,300, down from 52,600 in July, with females making up 60.0% of unemployed individuals. 21,600 of the unemployed persons were youth (aged 15 to 24 years), with females accounting for 12,000 or 55.6%.
  • Overall, female and youth unemployment was higher. Female unemployment stood at 4.5% compared to males who had a 2.6% rate of unemployment. However, Youth unemployment was higher at 11.0%, with young adult females having a higher unemployment rate of 13.7% compared to 8.9% for young adult males.
  • Of note, the labour force rose to 1,468,300 persons, after shrinking in July 2024 to 1,461,600. 789,100 (53.7%) were males, while 679,200 (46.3%) were female. The increase in the labour force reflects a lower participation rate of 68.1%, up slightly from 67.8% in July.
  • Regarding employee distribution across occupation groups, the ‘Services and Sales Workers’ segment employed the highest number of individuals at 343,400 or 24.2% of the labour force. The second largest was ‘Skilled Agricultural, Forestry and Fishery Workers’ with 201,400 workers, followed by ‘Elementary Occupations’, with 176,200 workers.
  • The ‘Wholesale and Retail Trade; Repair of Motor Vehicles and Motorcycles’ remains the largest employer, engaging 265,600 or 18.7% of the individuals. The second largest industry group was ‘Agriculture, Forestry, and Fishing’, with 201,400 individuals.
  • The latest unemployment figure continues to beat expectations for unemployment levels to inch up in 2024, given Jamaica’s economic contraction of 3.5% for Q3 2024 and the expectations for low growth in Q4 2024.
  • The unemployment data for July and October reflects the new labour force series, introduced in January 2024 when unemployment amounted to 5.4%. It represents a break in the series and as such is not comparable with previous survey data. The new series incorporates the latest guidelines from the International Labour Organization (ILO), which resulted in, inter alia, a significant change in the definition of employment and unemployment.

(Sources: STATIN, RJR News & NCBCM Research)