The Statistical Institute of Jamaica (STATIN) has reported that the unemployment rate in Jamaica dropped to a new historic low of 4.2 per cent as of October 2023.

This was 2.9 percentage points lower than the out-turn for the corresponding timeline of 2021.

According to the Labour Force Survey findings, in October 2023, there were 1,320,400 employed persons in Jamaica. The numbers reflect an addition of more than 85,000 people to the labour force relative to October 2021.

“The current highlights of the October 2023 Labour Force Survey findings are compared with the October 2021 survey results to indicate the changes that have occurred. This is due to the fact that a Labour
Force Survey was not undertaken in October 2022 because of the implementation of the 2022 Population & Housing Census,” STATIN explained in a release.

Of the 1,320,400 persons employed in October 2023, 715,900 were males, and 604,500 were females. The number reflects a 5.9 per cent increase in males and an 8.2 per cent increase in females in the labour force compared to October 2021.

Additionally, the youth (14-24 years) unemployment rate was 12.6 per cent, a decline of 6.3 percentage points compared to 18.9 per cent in October 2021.

The largest increase in employment by occupation was in the ‘Service Workers and Shop and Market Sales Workers’ group. However, the increases by industry group were in ‘Real Estate and Other Business Services’ and ‘Construction’.

According to STATIN, there were 308,400 persons employed in the ‘Service Workers and Shop and Market Sales Workers’ occupation in October 2023, an 11.2 per cent increase compared to October 2021.

Additionally, there were 152,600 persons working in ‘Real Estate and Other Business Services’ a 16.9 per cent increase compared to October 2021. The ‘Construction’ industry employed 133,200 persons, an increase of 16.9 per cent.

The unemployment rate was 4.5 per cent in both April and July 2023. At the time, the numbers reflected a historic low in unemployment.