By LEANDRA ROLLE 

Tribune Chief Reporter 

lrolle@tribunemedia.net                        

THE national unemployment rate was 8.7 percent in the first and second quarters of 2024, the lowest recorded unemployment rate in 16 years.

This rate, provided yesterday by the Bahamas National Statistical Institute (BNSI), is 1.2 percentage points lower than the 9.9 percent recorded in the fourth quarter of 2023 and 1.7 points below the 10.4 percent rate in the third quarter of 2023.

Labour Minister Pia Glover-Rolle hailed the latest statistics as “positive gains” and a promising indicator of the country’s economic prospects and potential for labour market growth.

“The decrease in the unemployment rate over the past three years is proof that the economic and labour market policies of the Davis administration are working,” she said.

The BNSI survey found that the labour force in the first quarter (January to March) stood at 233,935, marking a 1.6 percent decline compared to the fourth quarter of 2023.

There were 213,585 employed people in the  rst quarter, a decrease of less than one percent compared to the fourth quarter of 2023. The number of unemployed people was 20,350, a decrease of 3,235 from the previous quarter.

The number of unemployed women dropped to 10,745 from 12,830, while unemployment among youths (ages 15-24) also declined by 1,455, totalling 7,515 in the first quarter of 2024.

The total number of discouraged workers –– those available for work but not actively seeking employment due to their belief of limited prospects –– was recorded as 10,800.                      

New Providence accounted for 7,500 discouraged workers, followed by Grand Bahama at 1,170 and Abaco at 645.

In the second quarter (April to May), the labour force totalled 233,575 people, with 213,210 employed and 20,365 unemployed.

This represents a slight decrease from the total labour force of 233,925 in the previous quarter.

Officials attributed the decline to seasonable jobs.

“After the Christmas rush is over, people who had part-time jobs are now in the process of looking, and so the numbers would decrease because we measure the definition is, even if you work one hour, you’re considered employed according to the definitions of the ILO,” said Cypreanna Winters, BNSI’s assistant director.

Unemployed men totalled 9,530, a slight decrease from 9,605 in the previous quarter, while unemployed women increased to 10,835 from 10,745.

“The males are more likely to find or it’s easier to find work, and so they will go and do carpentry or do some construction work, while females, we may be kind of careful what we do,” Ms Winters said.

The number of unemployed youth, those aged 15 to 24, rose by 465 to 7,800, representing a one percent increase.

Ms Winters, explaining this, said many students found work during the Christmas holidays before returning to school.

According to the data, unemployment in New Providence stood at 8.6 percent in the second quarter, while Grand Bahama expe- rienced a slightly higher rate of 9.8 percent.

Officials said no data on unemployment for other islands was readily available due to technical challenges. The number of discouraged workers increased to 12,940 during the second quarter compared to 10,800 in the first quarter. Of these, New Providence accounted for 9,180, followed by Grand Bahama with 1,745.

In terms of employment status, private employees, government employees, and self-employed individuals without employees made up 63 percent, 15 percent, and 11 percent of the workforce, respectively.

Officials also reported that more than 50 percent of employed people work in fields related to their training, particularly in the professional and community service sectors.

Nearly 60 percent of the labour force has completed secondary education, 22 percent hold university-level quali cations, and 23 percent have no qualifications.

Yesterday, Mrs Glover-Rolle said her ministry would continue to support the Davis administration’s agenda by targeting job market growth and promoting economic expansion through enhanced labour market productivity.

She said this will be achieved through ongoing reforms to modernise and strengthen the local labour market.

“We are strengthening laws and policies to protect workers’ rights, exploring ways to increase compensation in the public and private sectors, introducing new training opportunities like the upcoming National Apprenticeship Programme to improve employability, and working closely with employers and unions to ensure that all stakeholders have input into the important work we are doing,” she said.