Data from the Statistical Institute of Jamaica (STATIN) show that key economic indicators like inflation and unemployment figures fell to new levels, registering improved results.
Inflation, which continues to breach the Bank of Jamaica’s targeted range of 4-6 percent, fell to 9.3 percent in September — down from 10.2 percent in August and the lowest it has been since point-to-point inflation was 7.3 percent in December.
During the quarterly briefing held on Tuesday, STATIN’s Director, General Carol Coy shared that the inflation rate was attributable to increases in the index for the divisions of food and non-alcoholic beverages amongst other divisions.
“This inflation rate was mainly attributable to increases in the index for the divisions food and non-alcoholic beverages, which went up by 10.5 per cent; housing, water, electricity, gas and fuels which increased by 8.5 per cent; and restaurants and accommodation services which increased by 19.4 per cent,” he said.
While the pace of price increases has slowed over the last year, the inflation rate for September 2022 was 1.4 per cent, the highest for a single month since March. The majority of the month’s rise was due to the end of the Government of Jamaica’s (GOJ) 20 percent subsidy on electricity bills for consumers using 200 kilowatts per hour or less.
Unemployment, on the other hand, has remained in the six percent band, standing at 6.6 percent as of July – a 1.9 percentage point decrease when compared to July 2021.
In the preceding April quarter, unemployment stood at six percent.
“The data showed that in July 2022 there were 89,700 unemployed persons, and this is 22,800 fewer compared to July 2021. The number of unemployed males decreased by 8100, with a larger decline in the number of unemployed females of 14,700. The male unemployment rate was 5.2 percent, representing a 1.1 percentage point decline, while for females the unemployment rate was 8.2 percent, representing a 2.8 percentage point decline when compared to July last year,” Coy said.
The youth unemployment rate, which fell to 16.7 percent from 23.9 percent in July 2021, accounted for 62.7 percent of the entire decline in the number of unemployed people, or 14,300 fewer people in the 20-24 age range, according to Coy.
Coy further said employment in most occupation groups increased over the reporting period.
Employment in the tourism sector contributed significantly, adding around 21,400 people, or approximately 40.2 percent of the increase in the employed labor force.
In July 2022, the total number of people in the labor force was 1,268,000.
“Of note, clerks, service workers, and shop and market sales workers, and craft and related trade workers had the largest increases. A comparison of the July quarters of 2022 and 2021 showed that the groups ‘Clerks’, which includes customer service and contact center workers, increased by 25,400 to 132,200 — which was the largest increase in employment among occupation groups,” Coy noted.
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