Mar 2016 Financial News

Unemployment higher at 3.4 per cent

Mar 09, 2016

Data just released by the Central Statistical Office (CSO) shows that T&T’s unemployment rate increased to 3.4 percent in the third quarter of last year.

According to the latest Labour Force Bulletin, there was a decrease of 8,400 or 1.3 per cent in the number of persons with jobs. The size of the labour force was 642,100 persons—7,000 or 1.1 per cent less than for the previous quarter.

From a gender perspective, men were the most affected. Their numbers in the labour force fell by 5,400 or 1.4 per cent, while the number of women fell by 1,600 or 0.6 per cent.

The overall labour force participation rate decreased to 60.3 per cent compared with the corresponding quarter in 2014 when the overall rate decreased from 62 per cent to 60.3 per cent.

The data showed an increase of 1400 or 6.8 per cent in the number of unemployed persons between the third and second quarters of 2015. Unemployed males increased by 2000 or 23 per cent while unemployed females decreased by 600 or 5.1 per cent. A comparison with data for the corresponding quarter in 2014 shows a decrease of 200 or 0.9 per cent in the total number of unemployed persons

From a gender perspective, the unemployment rate among men increased from 2.3 per cent to 2.8 per cent. The rate among women decreased from 4.4 per cent to 4.2 per cent. Compared to the corresponding quarter a year earlier, the overall unemployment rate increased from 3.3 per cent to 3.4 per cent, with the male unemployment rate increasing from 2.6 per cent to 2.8 per cent and female unemployment decreasing from 4.4 per cent to 4.2 per cent.

Increases in employment were recorded in wholesale and retail trade, restaurants and hotel sectors of 4,300 or 3.7 per cent. In the energy sector, including production, refining and service contractors, the increase was 4,000 or 21.6 per cent, while transport, storage and communication added 3,800 or 9. per cent and jobs in financing, insurance, real estate and business services increased by 2,600 or 4.7 per cent.

However decreases were seen in construction of 10,100 or 10.3 per cent, other manufacturing of 6,600 or 12.9 per cent and community, social and personal services of 5,200 or 2.5 per cent.

Source:
Trinidad Guardian
Wednesday, March 9, 2016

http://www.guardian.co.tt/business/2016-03-08/unemployment-higher-34-cent