Jul 2015 Financial News

Unemployment up for first quarter

Jul 28, 2015

THE unemployment rate has increased to 3.7 per cent for the first quarter of 2015, compared to 3.1 per cent in the same period last year.

An according to the latest Labour Force Bulletin by the Central Statistical Office, more women than men are without jobs.

“In terms of the unemployment situation, the data reflected an increase of 2,700 or 12.7 per cent in the number of unemployed persons in Trinidad and Tobago between the fourth quarter 2014 and first quarter 2015.

“Unemployed males increased by 200 or 1.8 per cent while unemployed females increased by 2,500 or 24.8 per cent. A comparison of the data for the corresponding quarter in 2014 revealed an increase of 3,300 or 15.9 per cent in the total number of unemployed persons in Trinidad and Tobago,” the CSO said.

When broken down by gender, the unemployment rate among men increased from 2.9 per cent to three per cent for the first quarter 2015 while the rate for women increased from 3.8 per cent to 4.7 per cent.

The corresponding period last year showed the male unemployment rate increasing from 2.8 per cent to three per cent and the female unemployment rate moving from 3.5 per cent to 4.7 per cent.

The CSO noted that the labour force registered 647,100 persons at the end of the first quarter of 2015, representing a decrease of 3,900 or .6 per cent when compared to the fourth quarter of 2014.

The survey data showed 6,700 or 1.1 per cent increase in the number of persons with jobs, when compared with the fourth quarter of 2014.

From a gender perspective, the number of employed males decreased by 4,500 or 1.2 per cent while the number of employed females decreased by 2,200 or 0.9 per cent. When compared to the corresponding quarter a year earlier, the data showed a decrease of 20,400 or 3.2 per cent in the total number of employed persons in this country.

In comparison to the previous quarter, an analysis of persons with jobs by Industry revealed that increases were identified in community, social and personal services (7,900 or four per cent), wholesale and retail trade, restaurants (3,000 or 2.6 per cent) and other agriculture, forestry, hunting and fishing (2,500 or 10.2 per cent). “However decreases were seen in transport, storage and communication (8,700 or 19.4 per cent), construction (7,600 or 7.7 per cent) and financing, insurance, real estate and business services (2,800 or 4.5 per cent).

In the period under review, the largest increases recorded in persons with jobs by occupational group were experienced by legislators, senior officials and managers (11,200 or 18.6 per cent), elementary occupations (3,900 or 3.5 per cent), craft and related workers (2,100 or 2.2 per cent).

Source:
By Leah Sorias
Trinidad Express
Tuesday July 28, 2015

http://www.trinidadexpress.com/20150727/business/unemployment-up-for-first-quarter