Five percent of Bermuda residents polled have lost their job over the past year and are still unemployed, according to a sample survey by Research.bm.

The startling statistic, which was recorded from a study of 400 people aged 18 or over during the third quarter, gives one of the most up-to-date insights into the Island's unemployment rate.

Finance Minister Paula Cox said the data rang true with her findings and that Government had moved to help those in need with financial assistance.

The findings also revealed that 36 percent of residents know of someone who has been made redundant over the last 12 months, 21 percent of whom currently still do not have work and 15 percent of whom have found new employment.

Six percent of respondents have themselves lost a job in the past year — including five percent who are still unemployed and one percent who have found another job.

The highest percentage of those who had been made redundant and were currently unemployed were male (eight percent) and aged 18 to 34 (seven percent). The lowest was mixed and other race (two percent), female (three percent) and ages 55 to 64.

The 55 to 64 age group was also the most successful in finding new work (two percent), while 72 percent of 65 and overs did not know of anyone who had lost their job over the last year compared to 48 percent of 35 to 54-year-olds.

More white residents (28 percent) knew someone who had been laid off and was still unemployed, versus mixed or other (14 percent), a larger amount of whom also knew someone who had lost their job but had since found gainful employment (23 percent). Eight percent of 55 to 64, and 65 and overs respectively knew of someone who had re-entered the employment market following their release.

Ms Cox said that the prospect of employment levels increasing in the international business sector were low to marginal, but she added that the industry was expected to continue to drive Bermuda's economy and be the biggest contributor to Gross Domestic Product.

More worryingly, she said the domestic sector had been hit hardest, with approximately 400-plus jobs being lost over the past year, resulting in lower levels of employment income and a subsequent cut back in consumer spending.

However, Ms Cox sees a glimmer of hope, believing that when employment begins to stabilise, the levels of employment income should eventually start to grow.

"However the consumer is not back as yet in terms of retail spending and given the reduced consumer spending and a decrease in tourist visitors, retail sales have been very weak in 2009 with the volume of retail sales declining over seven percent through July 2009," she said.

"Inflation had accelerated over the course of 2008, but had begun to abate in the wake of the drop in oil prices. The CPI has steadily decreased from 5.2 percent in January 2009 to a low of 1.2 percent in June and July to its current level of 1.6 percent for August 2009."

Ms Cox said that the momentum created in the construction industry in 2008 had carried through into 2009, with many of the major projects started before this year by Government and the private sector still ongoing — a number of which will be completed in the near future.

She said a few large projects that had been scheduled had to be postponed because foreign financing was cancelled, as business slowed in terms of the number of small to medium-size projects.

Now the Ministry of Finance is fully focused on helping individuals and businesses to get out of the economic mire.

"At the Ministry level as we pore over data and the figures we are looking at how we can ring-fence some of the key areas where we need to provide ongoing financial support and assistance even while at the same time we act prudently to safeguard our national economic interests and to maintain solid ratings with the Rating Agencies and ensure we continue to maintain a prudent macroeconomic perspective with a sustainable fiscal framework," she said.

"We will continue to discharge our remit on behalf of the Government of Bermuda to take steps to protect the vulnerable and provide an economic cushion while also seeking to maintain the appropriate fiscal framework.

"I think whenever people are unemployed due to economic pressures it is concerning as there is a human cost and there are families and individuals who are feeling insecure and unhappy and who have fears about how they can provide for their families. So whether it is one percent or 10 percent there is a real concern.

"The Ministry of Finance at the macro level assists by the budgetary programme of reliefs and assistance. In fact at the hotel owners meeting just over a week ago, the Ministry pledged to continue with the reliefs to assist a vulnerable sector. This assists the industry and the persons employed in the industry."