Recent figures show a drop of more than 28 per cent in the Island’s ranks of unemployed.

Finance Minister Bob Richards said the Labour Force Survey, based on data collected in May and June of this year, also showed the unemployment rate dropping from nine per cent to seven per cent, based on the same period in 2014.

“A breakdown of the figures shows unemployment among Bermudians has decreased, year over year, by more than 29 per cent,” Mr Richards added.

“Unemployment is down more than 33 per cent among black workers, while it is up by 1.28 per cent among white workers.”

The minister said that youth unemployment had fallen from 29 per cent to 23 per cent.

“We expect that large building projects, like the new hotel property in St George’s, will soon get under way,” Mr Richards said.

“We are bringing the House of Assembly back for a special sitting on Monday to pass a measure that will move the process forward.”

Unemployment fell to 2,502 people in 2015, the survey said.

According to the document, released today by the Department of Statistics, the number of unemployed Bermudians fell to 2,278 from last year’s figure of 3,214.

The figures are the most up-to-date yet issued showing the level of unemployment in Bermuda.

A brief of the Minister’s statement follows:

The Department of Statistics released the 2015 Labour Force Survey Preliminary Report today. This report provides findings on employment and unemployment with comparisons for the years 2010 to 2015, excluding 2011 when data was not collected. According to the 2015 Labour Force Survey, the working population slipped by 150 persons from 2014. There were 35,328 employed persons counted in 2015 compared to 35,478 in 2014. Between 2014 and 2015, there were 170 fewer males in the workforce. In contrast, the number of working females rose by 19. In terms of Bermudian status, the number of working Bermudians and non-Bermudian spouses of Bermudians declined by 651 persons and 129 persons, respectively. In contrast, the number of employed guest workers and permanent resident certificate holders increased by 136 persons and 43 persons, respectively.

Highlights of the 2015 Labour Force Survey Preliminary Report

• Unemployment fell to 2,502 persons in 2015

• The number of unemployed Bermudians fell to 2,278 from 3,214 in 2014

• The unemployment rate was measured at 7% in 2015

• The youth unemployment rate declined from 29% in 2014 to 23% in 2015

• The working population decreased slightly to 35,328 in 2015 from 35,478 in 2014

• The labour force declined 3% to 37,830 persons in 2015 from 38,963 in 2014

• Labour force participation rate fell by two percentage points from 88% in 2014 to 86% in 2015

• Median gross annual employment income climbed 5% from $60,559 in 2014 to $63,399 in 2015

Electronic copies of the report can be downloaded from the Department of Statistics website at http://www.govsubportal.com/business-statistics/unemployment. The full 2015 Labour Force Survey Report is scheduled for publication in October 2015.