Unemployment at eight percent, report shows
Adult unemployment in Bermuda is running at eight percent — with 36 percent of young people out of work, a report released today shows.The Department of Statistics released the 2012 Labour Force Survey Executive Report which provides findings on employment, underemployment and the unemployed with comparisons for the years 2010 and 2012.According to the Survey the working population declined by 1,323 persons from 2010. There were 35,874 employed persons counted in 2012 compared to 37,197 in 2010.Males and females recorded employment losses of 543 and 780, respectively between 2010 and 2012. The decline in number of non-Bermudian workers of 1,083 was triple the employment loss among Bermudians, down 336.Highlights include:* Unemployment was higher in 2012 at 3,305 persons compared to 2,583 in 2010* The overall unemployment rate was eight percent compared to six percent in 2010* Workers between the ages of 16 and 24 (youth employment) represented six percent of the working population, 2,119 workers* Youth unemployment was 36 percent with 1,176 persons looking for work out of 3,295* The median gross annual earnings for all workers was virtually unchanged at $58,698* Nearly one in five members of the working population reported that they were underemployed, 6,760 out of 35,874