Jamaica’s unemployment rate fell to 4.2 per cent for the month of October 2023, marking a shift from the 4.5 per cent recorded in the previous two quarters.
This sets a new record for the nation.
Recent data, unveiled by the Statistical Institute of Jamaica (STATIN) on Tuesday, highlights a substantial increase in the labor force.
Comparing October 2023 to October 2021, the statistics reveal that 85,600 individuals joined the workforce during this two-year span.
Data showed that the most notable surge in employment group can be attributed to the occupational category of ‘Service Workers and Shop and Market Sales Workers.’
In tandem with the rise in employment across various sectors, specific industries have emerged as robust contributors to this trend.
‘Real Estate and Other Business Services’ as well as ‘Construction’ displayed increases in employment.
Minister of Finance stresses need for equity
Despite the overall improvements, gender disparities within the labor force remain palpable. As of October 2023, the unemployment rate stands at 3.1 per cent for males and 5.4 per cent for females.
Finance Minister Dr. Nigel Clarke acknowledged this concerning divide, emphasizing the urgency of addressing it to further elevate Jamaica’s employment numbers.
CAPRI’s findings
These developments come in the wake of a recent report from the Caribbean Policy Research Institute (CAPRI).
Their findings revealed that a significant proportion, 60 per cent, of working-age Jamaicans, who are physically able to work, have chosen not to enter the labor force.
CAPRI has committed to delving deeper into this phenomenon, conducting additional research to unearth the underlying factors behind this trend.
