May 2017 Financial News

Unemployment in T&T falls to 4%

May 15, 2017

The unemployment rate for T&T declined to four per cent in the third quarter of 2016 from 4.4 per cent in the second quarter, according to the Central Statistical Office’s (CSO) Labour Force Survey.

The CSO said the decrease is not “uncommon” for this period as the decrease is due to “seasonality” changes.

“In terms of the unemployment situation, the data reflected a decrease of 3,000 or 10.5 per cent in the number of unemployed persons in T&T between second quarter and third quarter 2016. Furthermore, the survey data showed that the number of persons with jobs in the quarter under review increased by 1,200 or 0.2 per cent,” the CSO said in news release.

In the period under review, the CSO said T&T’s labour force was “particularly dynamic given that there were significant changes” to the characteristics of the labour market as there were occupational groups in which there was declining employment and some in which there were increases.

The public sector experienced the highest job loss for the third quarter of 2016, as “government public service/statutory board” fell by 9400 or 6.5 per cent.

CSO said there were “substantial job losses in technicians and associate professionals of 7,200 or 8.7 per cent. Clerks fell by 4,600 or 7.4 per cent and craft and related workers decreased by 4,300 or 4.2 per cent when compared to the Q2 of 2016.”

While there were high levels of unemployment, CSO said employment rose in other occupational groups led by elementary occupations which showed “an increase of 7,200 or 6.6 per cent and service worker (including defence force) and shop sales workers increased by 6,100 or 6.9 per cent when compared to Q@, 2016.”

Referring to industries, CSO said there were major decreases in jobs identified in “community, social and personal services of 12,300 or 5.8 per cent.

Petroleum and gas, including production, refining and service contractors 3,600 or 19.1 per cent, financing and insurance, real estate and business services of 3300 or 5.6 per cent and electricity and water of 2,500 or 22.9 per cent.

“Wholesale and retail trade, restaurants and hotels which showed a rise of 13,100 persons with jobs or 12.7 per cent and construction increased by 8,800 employed persons or ten per cent in comparison with the previous quarter.”

Source:
Trinidad Guardian
Saturday May 13, 2017

http://www.guardian.co.tt/business/2017-05-13/unemployment-tt-falls-4