The first decline in the number of jobs in international business for at least five years is a warning sign that Bermuda cannot afford to be too dependent on any one industry in the future.

That was the message from David Ezekiel, chairman of the Association of Bermuda International Companies, who was responding to the latest jobs report released by Government this week, which revealed that seven percent, or 330 positions, were lost in the international business sector - marking a significant drop from 4,761 jobs in 2008 to 4,431 jobs in 2009.

The international business sector has been the mainstay of the Island's economy and employment market over the past 25 years, providing opportunities for Bermudians and significant revenue for local service providers.

The fall was driven by mergers, redundancies and business closures last year, with the biggest drops in senior and junior accountants (82 jobs), office clerks (31) and executive secretaries (25), according to the Department of Statistics' Bermuda Job Market Employment Briefs report for June 2010.

Meanwhile the disparity in earnings between races continued with white employees taking home on average $21,000 more than their black counterparts at $74,176 versus $52,303 respectively during 2009. The median income for mixed and other races was even lower at $49,513 per year.

And the share of jobs filled by older workers increased by three percent from 18 percent in 2005 to 21 percent in 2009, accounting for a total of almost 8,200 jobs last year and indicating that more people are continuing to work beyond retirement age in order to boost their income.

Mr. Ezekiel described the decrease in jobs as a "worrying trend", but questioned whether there had been any major closures that had contributed to it, pointing instead to a number of mergers that had resulted in redundancies.

In addition to this, he said there was a continuing move towards outsourcing, which usually, by attrition, ended up impacting the number of positions available.

"Clearly I think there are some warning signs," he said. "It is the first year for a while that international business has posted such a decrease."

Mr. Ezekiel added that it was interesting to see the gap between international business and public sector jobs had continued to close, with the former dropping to 4,431 and the latter climbing from 4,223 in 2008 to 4,318 last year, while the rising cost of Government remained at the forefront of most people's minds.

"But at the end of the day it is better having people employed, whether in the public or in the private sector," he said.

"I think the goal is to try and get back to where we were to full employment and clearly that is where we should be aiming."

Turning to the other figures, he said it was important not to read too much into them, with the average salary of females being higher than males due to the significant number holding senior positions in international business, such as underwriters and HR professionals.

"The report is interesting - it clearly provides a lot of back-up to the various initiatives that have been started to look at how Bermuda maintains its position or re-tools itself, like Bermuda First, and we have got to keeping looking at them," he said.

"The danger, as we all know, is becoming too dependent on one sector. When you see it for the first time, this decline in jobs is worrying.

"But it is also interesting from an international business perspective to see that it has given Bermudians an opportunity to work in the sector and earn salaries substantially in excess of what they would have been able to earn in other sectors.

"The figures themselves in terms of the reduction of jobs in the international business sector have a trickle down effect on landlords, restaurants and the like, and each part of the report to a certain extent confirms what a lot of us have known is happening, but this is the first time we have seen it in black and white."

The median age of workers reached a high of 43.6 years in 2009, reflecting a steady ageing trend in the workforce, while the increase from 2008 was down to the loss of 435 jobs held by guest workers, mostly aged between 25 and 54, through the completion of contracts and redundancies.

The total number of filled jobs held by males dipped by 413, while positions filled by females declined by 280, and the number of jobs held by Bermudians fell by 391 and non-Bermudians by 435. In contrast, the number of filled jobs held by non-Bermudian spouses and permanent residents rose by close to two percent and 14 percent respectively.

Significantly the construction industry was hit hard by the downturn, shedding 161 jobs or four percent of its workforce from 3,649 jobs two years ago to 3,488 jobs in 2009, while the business services sector saw the loss of 129 positions or three percent of its staff base from 2008.

But last year's influx of registered nurses (86) and other medical workers (87) contributed to an 11 percent increase in the number of jobs in the education, health and social sector.

Seven of the 10 major occupational groups recorded a drop in employment from the previous year, with categories such as clerks, senior officials and managers, and craft/related workers, posting a combined loss of 219 positions.

Blue and white and collar professions suffered particularly, with the number of jobs for masons down by 66, tax drivers 55, office clerks 45, truck drivers 43, finance managers 35, secretaries 23 and office messengers/porters 43.

The median income earned by all job holders in companies with 10 or more staff was $56,429, representing a three percent rise in annual employee pay compared to the 2008 estimate of $54,867

Despite the decline in the number of jobs filled for the year, job holders in the international business sector still received the highest pay packet with an annual median salary of $102,023. Other sectors that paid higher salaries included electricity, gas and water ($76,054), business services ($65,603), and education, health and social work ($58,520).

However, those working in the hotel and restaurant, cafe and bar trade took home the lowest estimated salary, with median annual incomes of $35,891 and $37,312 respectively.