Remarks by the Minister of Economy and Labour, the Hon. Jason Hayward, JP, MP, from this afternoon’s press conference on the November 2022 Labour Force Survey Report.
Good Afternoon,
Today I am pleased to formally release the November 2022 Labour Force Survey Report from the Department of Statistics. The latest Labour Force Survey results show that there has been a significant positive shift in Bermuda’s labour market, the data indicates that the labour market continues to recover from the economic downturn caused as a result of the pandemic.
The report contains selected indicators of the labour force including estimates of employment, unemployment, underemployment, participation and hours worked. Indicators are presented for the Labour Force Surveys conducted in November 2019, November 2020 and November 2022. It should be noted that the Labour Force Survey is a sample and, as such, estimates obtained are subject to variability.
Unemployment
Bermuda's unemployment rate was recorded at 3.1%, significantly lower than the unemployment rate measured in 2019 and significantly below the 7.9% unemployment rate measured in November 2020.
There were 1,121 people unemployed as of November 2022. The majority (69.3%) were looking for work for less than a year. The unemployment rate for males was more than double that of females. The 16-24 age group had the highest unemployment rate of 11.1% compared to the 35-44 age group, which had the lowest unemployment rate at 1.0%. The unemployment rate for Bermudians was nearly double that of non-Bermudians. Among the race categories, blacks had the highest unemployment rate at 3.8%, while the mixed/other race category had the lowest at 1.0%. The unemployment rate for persons with high school certificates was triple that of persons with degrees.
Labour Force
The labour force was estimated at 36,559 in November 2022, with a labour force participation rate of 82.9%. The working population comprised 96.9% of the labour force.
Working Population
The total working population stood at 35,438 persons. Men represented just over half (50.5%) of workers. The leading age group was 55-64, which comprised 24.1% of the total. Bermudians comprised 75.6% of the working population, and blacks represented the majority of workers at 58.4%. Of the total working population, 96.0% had a permanent job.
Income
The median gross annual income from the main job for the working population during the reference week was $65,725. Male workers earned 93.4% as much as their female counterparts. The 45-54 age group had the highest median income at 119.7% of the total. In contrast, 16-24-year-old workers earned 55.6% of the total. Bermudian workers made 77.9% as much as non-Bermudian workers.
Economically Inactive Population
The economically inactive population was 17,903 in November 2022. The majority of this population was retired at 62.4%. The next leading category was not actively seeking work which comprised 21.5%. The most common reason for not actively seeking employment was that the person was a student or in training at 81.9%.
In closing, I thank all households that participated and completed the survey. It is clear that from the Labour Force Survey data that Bermudian employment is up and unemployment it down which is a positive trend that aligns with the strengthening Bermudian economy.
The public will note that the May 2023 Labour Force Survey is underway. The Survey period began on 9th June and will conclude on 31st August. I encourage all households whose dwelling was selected to participate as the information is vitally important to the production of timely labour force statistics.
The November 2022 Labour Force Survey Report is available online at https://www.gov.bm/employment-statistics.
Thank you.