The May 2019 Labour Force Survey shows credible signs that the business sector is continuing to grow and strengthen, and confirms the positive momentum of the Bahamian economy. The national unemployment rate dropped to 9.5% from 10.7% in November, with private sector employment continuing to drive the improved performance, according to the report published by the Department of Statistics at a press conference today. This is the lowest unemployment rate in 10 years. It also represents an improvement over the May 2017 unemployment rate of 9.9%.

“Bahamians can feel encouraged by this positive news that unemployment improved significantly. This strong jobs report is one of the most important indicators that the policies of the Government are working for the Bahamian people. Now that we have two years of employment data we can really assess the overall performance from 2017,” said K. Peter Turnquest, Deputy Prime Minister and Minister of Finance.

Since May 2017 there has been a net increase in the number of employed persons by nearly 15,000, and a decline in the number of persons in the vulnerable employment segment of the labour force of 1,625. The fact that strong job growth took place even as the number of contractual and temporary jobs fell significantly is a sign that Bahamians are finding more permanent jobs.

“While the Government is pleased to see the unemployment numbers are trending down it is the ambition of the Government to accelerate growth and drive these numbers even lower. We are not resting on our laurels for one second. Our goal is to secure stronger and more broad-based growth for the Bahamian economy that will result in increased job opportunities and economic benefits for all Bahamians. We will continue investing in small and medium-sized businesses as a key means of driving improvements in unemployment,” said Minister Turnquest.

Since the November 2018 report, 4,300 new jobs were added to the economy. The number of discouraged workers in the country declined by 2.0%, showing greater confidence in the economy among job seekers. The improvements in Grand Bahama, in particular, were significant as the number of discouraged workers fell by 5.4%.

“In the November 2018 report, we observed a decrease in unemployment in Grand Bahama to 11.9%. In May 2019, the trend has continued, as unemployment in Grand Bahama dropped further to 10.9%. This is really positive news for Grand Bahama, which has been no stranger to economic hardship. To support the economic rebound, the Government will continue efforts to stimulate new private sector investment. We want to see the success we are having with job growth in Grand Bahama reproduced consistently across all of our Family Island,” said Minister Turnquest.

“Although the unemployment rate dropped for women to 9.9% in May, we continue to see gender disparities in the unemployment numbers with women being more likely than men to be unemployed. In fact, despite their levels of educational attainment, unemployment is higher for women with a secondary or university education compared to men. On the other hand, men with no schooling or incomplete secondary education are employed at a lower rate than women. Further investigation is needed to understand the different challenges experienced by men and women seeking employment, and the policies needed to address these challenges,” said Minister Turnquest.

Jobs Report Summary – May 2019

Employment statistics are one of the key economic indicators the Government relies upon for evaluating the health of the Bahamian economy. The statistics below cover the six month period between May 2018 and November 2018.

1. The national unemployment rate improved in the latest May 2019 report. It dropped from 10.9 percent in November 2018 to 9.5%. 
2. On a year-over-year basis, employment grew by 6,635 or 3.2% net new jobs.
3. The number of discouraged workers in Grand Bahama fell by 5.4%, which suggests optimism about the improved prospects for the Grand Bahama economy.
4. Overall, in the six months from November 2018, the number of discouraged workers in the country declined by 2.0%.
5. While unemployment continued to improve in Grand Bahama (falling from 11.9% to 10.9%), Abaco’s unemployment increased from7.7% in November to 9.3% in May.
6. The tourism sector remained the largest source of employment and job growth, with hotels and restaurants accounting for 20% of the labour force. This sector experienced the greatest job increase since May 2018 (24%).     
7. More men (112,160) than women (102,730) were employed in the labour force.
8. The unemployment rate for women was 9.9% in November compared to 9.2% for men.
9. Young women (aged 15-24) and core-aged women (aged 25 to 54) were more likely to be unemployed than their male counterparts.
10. By contrast, men aged 55 years and over were slightly more likely to be unemployed compared with women in their same age cohort.