By RASHAD ROLLE

Tribune Staff Reporter

rrolle@tribunemedia.net

A DAY after the latest results of the Department of Statistics' labour survey revealed that the unemployment rate has risen to 14.8 per cent, with more than one in seven Bahamians now out of a job, Labour Minister Shane Gibson claimed the Bahamas has made "tremendous strides since the global recession".

The unemployment rate rise represents a 2.8 per cent increase on the previous survey results in May, owing largely to Baha Mar layoffs, the impact of recent high school graduates joining the labour force and the devastating impact of Hurricane Joaquin.

"The Bahamas has made tremendous strides since the global recession and more Bahamians are in fact working," Mr Gibson said on Thursday. "Freeport and Grand Bahama have improved and the Family Islands, particularly Abaco and Bimini, continue to enjoy sustained economic growth.

"The expansion of the labour force will no doubt continue at a rate of 4,000 to 5,000 persons annually, which demands acceleration in the rate of jobs creation. The government is keenly aware of this dynamic and is satisfied that the pending projects and those in various stages of development and completion will significantly reduce the level of unemployment over the next year.

"Certainly in an environment of a subdued and protracted global economic recovery, the government is pleased with the addition of over 20,000 new jobs and Bahamians to the employment lines since May 2012, but the truth is one Bahamian unemployed is too many. The government continues to express informed optimism in this area."

Baha Mar had long been expected to be a major economic boost to the country, but when numerous delays gave way to a protracted dispute between the resort's developer, its creditors and the government, stakeholders began revising the outlook for the country's economy.

While Prime Minister Perry Christie insists that talks are proceeding with investors looking to take over Baha Mar, he suffers a credibility issue with some Bahamians, having said numerous times over the last year that the conflict at Baha Mar was close to being resolved.

New Providence and Grand Bahama experienced unemployment rate increases of 15.9 per cent and 14.2 per cent respectively. Abaco, however, experienced a rate decrease from 12 per cent to 9.7 per cent.

Officials also said that the youth unemployment rate now stands at 30 per cent, nearly five per cent more than the 25.3 per cent recorded in the May survey. The survey noted that young people between 15 to 24 continue to face a considerably higher rate of unemployment than any other group.

“When we did the previous one, the survey was held before graduation,” statistician Cypreanna Winters said. “And so we have to take into account all of the (graduates) coming into the labour force that contributed to the growth in the (youth) unemployment rate.”