NASSAU, BAHAMAS — The country’s unemployment rate during the first half of the year decreased by 1.2 percentage points to 8.7 percent, with the total number of discouraged workers reaching just under 13,000 in the second quarter, according to data released by the Bahamas National Statistical Institute (BNSI) on Monday.
BNSI Acting Managing Director Nerissa Gibson noted that in the first quarter of 2024, there were 213,585 employed persons, a decrease of less than one percent when compared to the fourth quarter of 2023. The unemployment rate for the first quarter was 8.7 percent, which was 1.2 percentage points lower than the 9.9 percent in the fourth quarter of 2023.
The number of persons in the labour force during the first quarter of 2024 was 233,935, a decline of 1.6 percent when compared to the fourth quarter of 2023. In the first quarter, the number of unemployed persons was 20,350, a decrease of 3,235 compared to the fourth quarter of 2023.
The number of unemployed males was 9,605, down from 10,755, and the number of unemployed females was 10,745, down from 12,830. The number of unemployed youths, persons aged 15-24, decreased by 1,455 to 7,515 in the first quarter. The number of discouraged workers in the country in the first quarter was recorded at 10,800; New Providence had 7,500, Grand Bahama 1,170, and Abaco 645.
BNSI Assistant Director Cyprianna Winters noted that in the second quarter of 2024, there were 213,210 employed persons in the country. The unemployment rate remained unchanged at 8.7 percent in the second quarter. The number of unemployed males was 9,530, down from 9,605, and the number of unemployed females was 10,835, up from 10,745.
The number of unemployed youth, persons between the ages of 15-25, increased by 465 to 7,980 in the second quarter of 2024. For youth, the unemployment rate was 19 percent, representing an increase of one percentage point compared to 18 percent in the first quarter of 2024. The number of discouraged workers in the country in the second quarter stood at 12,940; New Providence had 9,180, Grand Bahama 1,745, and Abaco 735.
“This category represents persons without work who are available for work, yet they are not actively seeking work because they are not hopeful about their prospects of finding work,” said Winters.
The Ministry of Labour and Public Service in a statement celebrated the results of the survey, noting that The Bahamas has now recorded its lowest unemployment rate since 2008.
“Unemployment in The Bahamas has now fallen to its lowest recorded level since 2008 according to the latest numbers released by the National Statistical Institute (NSI). In the first half of 2024, the unemployment rate stood at 8.7 percent, which is a 1.2 percent decrease compared to the end of 2023. This is lower than the 8.8 percent recorded in May 2023, making it the lowest recorded unemployment rate in 16 years,” the Ministry noted in its statement.
It added: “The employment data collected by NSI reveals widespread gains across demographic groups compared to the fourth quarter of 2023, including increases in employment for both men and women, as well as youth.”
“The decrease in the unemployment rate over the past three years is proof that the economic and labour market policies of the Davis administration are working. We have generated growth by expanding and diversifying key industries, bringing in over $10 billion in new investments, and making key government investments in infrastructure, digitalization, and support for local businesses. Given the positive impact of our policies, we expect to see even more good news in coming months,” said Labour and Public Service Minister Pia Glover Rolle.
The Ministry of Labour and the Public Service noted in its statement that it has worked closely with the Department of Labour on major job initiatives like the Labour on the Blocks and Labour on the Campus job fair initiatives, job readiness initiatives hosted directly by the Department of Labour and at the National Training Agency, and a push for more Bahamian labour market participation at every level.
Minister Glover-Rolle stated that the objective is to increase employment levels, as well as the range of high-quality jobs available for Bahamians.
“Through our job fairs, we have linked thousands of Bahamians with employers, and when we meet with major investment projects, such as the resorts and private island destinations that are being expanded, we make it clear that the vast majority of jobs should be allocated for Bahamians. At the same time, through enforcement of our Notice of Vacancy policies for ‘Bahamianisation’ of our workforce, we are securing high-quality opportunities for Bahamians in high-demand areas, as well as managerial and leadership positions.”
Moving forward, Minister Glover-Rolle says that the Ministry of Labour will continue to support the Davis administration’s agenda by not only targeting job market growth, but also by spurring economic expansion through enhanced labour market productivity brought on by a slate of ongoing reforms to modernise and strengthen the local labour market.
“We have just completed the first draft of our white paper on labour market legislative reforms, which will help us to leverage global challenges and opportunities like climate change and digitalisation. At the same time, we are strengthening laws and policies to protect workers’ rights, exploring ways to increase compensation in the public and private sectors, introducing new training opportunities like the upcoming National Apprenticeship Programme to improve employability, and working closely with employers and unions to ensure that all stakeholders have input into the important work we are doing.”