Jamaica Records Low Unemployment at 8% in January 2019- JN Fund Managers’ Daily Market Update- April 17, 2019

    JN Fund Managers
    JN Fund Managers

    According to data from the Statistical Institute of Jamaica (STATIN), the unemployment rate as at January 2019 (8%) remained relatively steady compared with the previous year but significantly lower than the 16.3% exhibited as at August 2013. Although the number of women employed rose by 3.5%, the entire employed labour force increased by 2.4% as male employment lagged at 1.4%.
    ‘Real Estate, Renting and Business Activities’ had the largest increase in employment (11.7%), followed by ‘Hotels and Restaurant Services’ (8.09%). On the other hand, employ-ment in ‘Agriculture, Hunting, Forestry and Fishing’ – the largest employer of men in Jamaica – decreased by 5.8%. ‘Public Administration and Defence’, ‘Wholesale and Retail Repair of Motor Vehicles and Equipment’ and Real Estate and Business Activities were among the leading growth sectors for male employment. We are of the view that declining unemployment is in line with the improvement in Jamaica’s macroeconomic environment. We expect further improvement into the near term based on greater buoyance in business activity and increased confidence shown by consumers and business persons toward the local economy.

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