National

Unemployment Drops To 8.7 Percent

NASSAU, BAHAMAS – New unemployment numbers were released Monday and they show a slight drop in unemployment. The data was released by the Bahamas National Statistical Institute.

Published

2 years ago

October 28, 2024

Berthony McDermott

NASSAU, BAHAMAS – New unemployment numbers were released Monday and they show a slight drop in unemployment. The data was released by the Bahamas National Statistical Institute during a press conference.

Youth unemployment also saw a decrease, dropping from 20.5 percent to 18 percent.

In both quarters, the overall unemployment figures remained the same at 20,350. There were 9,605 men and 10,745 women.

And that’s not all, unemployment in New Providence stood at 8.6 percent, while Grand Bahama saw a slightly higher rate at 9.8 percent.

But what about those people who are eligible and able but not actively seeking work?

The data shows discouraged workers stood at 10,800 in the first quarter of the year and increased by the Second quarter of the year.

As for the employed people, during the first quarter 233,935 people were in the labour force, a decline of 1.6% when compared to the fourth quarter of 2023.

However, the figure saw a slight decrease in the second quarter of the year according to BSNI Assistant Director Cyprianna Winters.

The figures comes as the BSNI introduced the preliminary results from the new series of quarterly labour force survey estimates for the first and second quarter of 2024.