Jun 2015 Financial News

Unemployment rate stays at 3.3 per cent

Jun 03, 2015

In the final quarter of 2014, T&T unemployment rate was 3.3 per cent—unchanged from the previous quarter. 

However, data just released by the Central Statistical Office in its Labour Bulletin shows that, broken down by gender, the rate increased among males, from 2.6 per cent in the third quarter of 2014, to 2.9 per cent in the fourth quarter of the year. For females, the unemployment rate decreased from 4.4 per cent to 3.8 per cent.

Compared to the corresponding period a year earlier the data showed that the overall unemployment rate decreased from 3.8 per cent to 3.3 per cent with the male unemployment rate decreasing from 3.4 per cent to 2.9 per cent and the female unemployment rate decreasing from 4.3 per cent to 3.8 per cent.

In terms of the unemployment situation, the data reflected a decrease of 800 or 3.6 per cent in the number of unemployed persons in T&T between the third and fourth quarters 2014. 

Unemployed males increased by 1,400 or 14.3 per cent while unemployed females decreased by 2,200 or 17.9 per cent. 

A comparison of the data for the corresponding quarter in 2013 revealed a decrease of 3,400 or 13.8 per cent in the total number of unemployed persons.

The size of the labour force was 651,000 persons, This was a decrease of 9,100 or 1.4 per cent compared to the third quarter 2014. 

From a gender perspective, this decrease was reflected among females which fell by 12,100 or 4.3 per cent. Males increased by 3,000 or 0.8 per cent. 

The overall labour force participation rate fell from 62 per cent in the third quarter 2014 to 61.1 per cent in fouth quarter 2014 and compared with the corresponding quarter in 2013, decreased from 61.6 per cent to 61.1 per cent.

In comparison to the previous quarter, an analysis of persons with jobs by industry revealed that increases were identified in financing, insurance, real estate and business services 7,200 or 13.2 per cent, other manufacturing (excluding sugar and oil) 4,600 or 9.6 per cent and other agriculture, forestry, hunting and fishing 3,600 or 17.2 per cent. 

However decreases were seen in community, social and personal services 18,000 or 8.4 per cent, transport, storage and communication 2,800 or 5.9 per cent and wholesale and retail trade, restaurants and hotels 2,300 or 1.9 per cent.

In the period under review, the largest increases recorded in persons with jobs by occupational group were experienced by service workers (including defence force) and shop sales workers 3,800 or 4 per cent and legislators, senior officials and managers 800 or 1.3 per cent. 

However, the largest decreases were recorded in professionals 4,600 or 12.2 per cent, craft and related workers 3,900 or 4 per cent and elementary occupations 3,600 or 3.1 per cent.

Source:
Trinidad Guardian
Wednesday June 3, 2015

http://www.guardian.co.tt/business/2015-06-03/unemployment-rate-stays-33-cent