Unemployment rate in 1Q, 2007 the lowest

The first quarter of 2007 recorded the lowest ever unemployment rate of 6.2 per cent according to the Department of Census and Statistics. This is a continuation of the steady declining trend seen over the past few years.

The unemployment rate is the number of unemployed persons as a percentage of the labour force. Unemployed persons are those who are seeking and available for work, but have had no employment during the reference period.

The first quarter 2007 unemployment rate was considerably lower than the rate of 6.8 per cent for the corresponding quarter of 2006.

This decline was seen in both sexes. The annual rate significantly dropped in 2006, when compared with 2003-2005. This was mainly due to healthy growth experienced especially in the industry and service sectors. The total number unemployed was estimated as 462,000 for the first quarter of 2007.

Of the total employment in the first quarter of 2007, the private sector has the major share of 44.1 per cent, as against 12.6 per cent in the public sector.

The private sector generated more employment in the first quarter of 2007, compared to the first quarter of 2006, whereas the public sector employment showed a marginal contraction.

The unemployment rate among young age groups and women was relatively higher. However, the unemployment rate among the age groups of 15-19 has declined significantly to 18.9 per cent by the first quarter of 2007 from 31.3 per cent in the corresponding quarter of 2006.

The unemployment rate among females is higher by twice than males, though there is no significant difference in the respective rates when compared with 2006.

All age groups except the group of "30 years and above" recorded drops in the first quarter 2007, which in any event has the lowest unemployment rate among all age groups.

The unemployment rate remains higher among the educated youth than others. The unemployment rate among those with GCE/AL qualifications and above has marginally risen to 12.3 per cent in the first quarter of 2007 while the rate among those less qualified recorded marginal declines during the reference period.

The problem of unemployment is also more acute in the case of educated females, where the rate stands at 18.4 per cent when compared with 7.0 per cent among educated males.