Youth unemployment rate falls dramatically
Youth unemployment plummeted nearly two thirds as the Government insisted that it was not because people had “given up hope” and emigrated.
Jason Hayward, the Minister of Economy and Labour, conceded that “we don’t have accurate emigration statistics”, but said the drop from above 30 per cent in November 2020 to 11.1 per cent in November 2022 was owing to “robust” action by the Government.
Releasing the Labour Force Survey Report, Mr Hayward denied that the lack of accurate figures indicated that the Government did not care enough about emigration.
He said: “I don’t support the notion that we don’t care about our young people.”
Asked if emigration played a sizeable part in the fall, Mr Hayward added: “That is 100 per cent incorrect.
“We have rolled out a robust youth employment strategy.”
He said that this included an expansion of summer employment programmes and boosts to the number of internships and scholarships available.
Despite the drop, youth unemployment remains three times higher than the overall 3.1 per cent rate reported in the economic snapshot.
That general figure was down from the 7.9 per cent of November 2020, during the Covid-19 pandemic.
The minister said: “Youth unemployment remains a concern.
“There has been a significant shift in the right direction as it pertains to our youth being gainfully employed.”
Mr Hayward said that the survey showed a “significant positive shift” in the Bermudian labour market.
According to the report, 1,121 people were unemployed last November, the minister noted.
He said that Black residents had the highest unemployment rate, of 3.8 per cent, with the level for White residents standing at 2.5 per cent and the level for residents of mixed/other races at 1 per cent.
The report put the median gross annual wage at $65, 725 at the time of the survey.
Referring to the proposed $376 million revamp of the Fairmont Southampton hotel complex, Mr Hayward said: “It is a critical part of the equation.
“We have seen job growth in the economy despite the Southampton Princess being closed.”
Mr Hayward said that the Government was moving towards creating two annual snapshots of the labour market to give a better picture of what was happening economically on the island.
The report said that 1,211 households had taken part in the survey, which had a margin of error of plus or minus 2.5 per cent.
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