Good morning,
Today I am pleased to formally release the May 2023 Labour Force Survey Report from the Department of Statistics.
The latest Labour Force Survey (LFS) results show that there has been a significant positive shift in Bermuda’s labour market. The data indicates that unemployment was measured as 2.5 per cent, this is the lowest recorded unemployment rate since the 2.0 per cent unemployment rate recorded in 1980.
The report contains selected indicators of the labour force including estimates of employment, unemployment, underemployment, participation, and hours worked. The purpose of the LFS is to measure and assess the current labour force trends.
It is worth noting this report does not include comparisons to previous LFS Reports due to comparability being impacted by methodological changes and the lack of seasonal adjustment. Additionally, it is important to emphasise that the Survey is a sample and, as such, estimates obtained are subject to variability.
Unemployment
As stated, Bermuda's unemployment rate was recorded at 2.5 per cent. There were an estimated 941 people unemployed as of May 2023. Of that figure, 568 males were unemployed while 373 were female. The 16-24 age group had the highest unemployment rate of 15per cent compared to the 35-44 age group, which had the lowest unemployment rate at 0.6 per cent.
The unemployment rate for Bermudians was 2.9 per cent. while the unemployment rate for non-Bermudians was 1.4 per cent. Among the race categories, blacks had the highest unemployment rate at 3.2 per cent, while the mixed/other race category had the lowest at 1.0 per cent. The unemployment rate for persons with high school certificates was triple that of persons with degrees.
The Labour Force Survey is a household survey of private dwelling units targeting all persons 16 years and over. The results of the survey indicated the following:
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The working population comprised 75.2 per cent Bermudian and 24.8 percent non-Bermudian.
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The employment rate was 81.4 per cent.
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The Labour Force Participation rate was 83.5 per cent.
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The average hours worked per week in the main job was 41.3.
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The median gross annual income from the main job for the working population during the reference week was $68,826.
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Females experienced a higher median gross annual income than their male counterparts.
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Bermudian workers made 87per cent as much as non-Bermudian workers.
In closing, I am grateful to all the households that participated and completed the survey. The positive labour market trends are strongly correlated to the positive economic news released last month when it was reported the Bermuda’s economy grew by an estimated 8.3 per cent in Q3 of 2023, marking the fastest pace of growth in the last two years.
Bermuda’s economic and labour market performance continues to trend in a positive direction. It is clear that from the Labour Force Survey data that employment is increasing and so is worker’s income which is a positive trend that aligns with the strengthening Bermudian economy. The Government will continue to facilitate the expansion and sustainability of Bermuda's economy by creating a business environment that allows businesses to expand and thrive.
The May 2023 Labour Force Survey is available on the Bermuda Government portal at https://www.gov.bm/employment-statistics.
Thank you.