By JADE RUSSELL

Tribune Staff Reporter

jrussell@tribunemedia.net

THE national unemployment rate stood at 9.9 per cent for the last quarter of 2023, according to data released by the Bahamas National Statistical Institute on Friday (BNSI). 

The rate is .5 percentage points lower than the 10.4 per cent unemployment rate recorded in the third quarter.

Assistant Director of BNSI Cypreanna Winters said there were 214,170 employed individuals in the fourth quarter of 2023 (October to December). This reflects an increase compared to the third quarter of 2023 that reported 212,285 workers. 

Occupational areas such as “skilled agriculture & fishery workers, and elementary occupations” experienced the largest increase in employment, she said.  

For the fourth quarter of 2023, Ms Winters said the number of people in the Labour force stood at 237,755.  

In terms of the “Employed Labour force,” there was a notable increase. 

“The Employed Labour force for quarter four was 214,170 a moderate increase over quarter three," Ms Winters said. 

"The largest increase by occupational group was in the skilled agriculture and fisheries workers there were 3,025 persons employed in this occupation, an increase of 20 per cent from quarter three, the majority of which were males. 

“Additionally, there were 2,395 more persons in elementary occupations when compared with the same period, males also have numbered females in this category.” 

The “Unemployed Labour force” dropped to 24,585 unemployed people in the fourth quarter of 2023, a decrease of 1,130 compared to people unemployed in the third quarter. 

Based on the statistical survey, there were 10,755 unemployed men in the fourth quarter of 2023.  The number of unemployed women was 12,830.

Meanwhile, unemployed youths from the age of 15-24 decreased by 1,475 to 8,970 in the fourth quarter of 2023. 

Ms Winter said:“The unemployment rate for males remained unchanged, while the unemployment rate for females declined by one percentage point from 11.9 per cent to 10.9 per cent. 

"For the youths, the unemployment rate was 20.5 per cent representing a decrease of 2.3 percentage points compared to 22.8 per cent.” 

The total of “discouraged workers” was recorded as 9,500.

This group was described as unemployed people who can physically work but have stopped looking for a job after losing hope they will be hired.

In June 2023,  BNSI reported the percentage of unemployed Bahamians was lower than pre-pandemic rates, dropping from 9.5 percent in May 2019 to 8.8 percent. 

However, officials of BNSI said on Friday it will now present results from the labour force survey every quarter rather than bi-annually. 

The data presented in the recent quarterly surveys represent a new series and survey design. Officials noted the new series isn’t comparable to the previous series.