Unemployment Rate Falls To New Record Low 3.5 Per Cent

Jamaica continues to enjoy a declining unemployment rate, with the out-turn falling to a new record low 3.5 per cent as at October 2024.

This represents a decrease from the previous record of 3.6 per cent in July 2024, based on the Statistical Institute of Jamaica’s Labour Force Surveys for both months, showcasing a positive trend in job creation and economic stability.

The labour force grew to 1,468,300 individuals, with more Jamaican men becoming gainfully employed. They accounted for 53.7 per cent of the total labour force, with females holding down the other 46.3 per cent.

The overall participation rate was an impressive 68.1 per cent, indicating strong engagement in the workforce.

In terms of employment categories, ‘Services and Sales Workers’ continues to account for a significant share, representing nearly one-fourth of all persons in jobs.

This sector also had a significant female representation, with 224,600 women employed compared to 118,800 men.

The increase in employment within the services and sales sector reflects Jamaica’s growing economy and consumer market.

This growth can also be attributed to increased domestic demand and post-pandemic tourism recovery.

Meanwhile, the ‘Wholesale and Retail Trade; Repair of Motor Vehicles and Motorcycles’ sector was the largest employer, with 265,600 employed individuals of the total workforce. Females comprised the majority, at 54.5 per cent.

The notable participation of women in various sectors demonstrates progress towards gender equality in employment.

In line with that trend, the total number of unemployed individuals declined to 51,300, from 52,600 in the July 2024 survey.

Notably, while youth unemployment remains a challenge, programmes aimed at skills development and vocational training are beginning to bear fruit, with more young people being effectively integrated into the workforce.

The October 2024 Labour Force Survey illustrates a robust labour market in Jamaica, with record low unemployment rates and significant employment growth across various sectors.

It is anticipated that continued efforts to engage youth and support gender equality will further bolster these positive trends, ensuring sustainable economic development for the nation.