Unemployment has declined to a record low 9.6 per cent as at the end of January 2018. That’s according to the latest bulletin by the Statistical Institute (STATIN).
The Unemployment Rate of 9.6 per cent in January 2018 was a decrease of 3.1 percentage points when compared with 12.7 per cent in January 2017.
The data reflect drops in unemployment for youths as well as for male and female. The largest growth in employment occurred in the shops and retail services and market categories.
STATIN said “Females continued to make gains in employment for the period mostly in the occupation group ‘Service Workers and Shop and Market Sales Workers’ and the industry groups ‘Real Estate, Renting & Business Activities’ and ‘Wholesale & Retail, Repair of Motor Vehicle & Equipment. “
Also it said, the unemployment rate for youth continued to decline during the review period.
The 1,206,600 persons employed in January 2018 represented an increase of 22,600 (1.9%) when compared with 1,184,000 employed in January 2017. For males, employment increased by 1,900 (0.3%) over the twelve-month period to 664,200 in January 2018 while female employment increased by 20,700 (4.0%) to 542,400.
Youth unemployment rate also declined. The unemployment rate for youth 14-24 years was 23.8 per cent in January 2018, representing a decrease of 7.4 percentage points, when compared to the rate of 31.2 per cent in January 2017.
The number of males and females in the labour force decreased. Total Labour Force in January 2018, was 1,335,100 persons comprising 718,000 males and 617,100 females. This was a decline of 21,200 (1.6%) when compared with 1,356,300 persons in January 2017.