Promises Made…Promises Kept
Bermuda’s labour market is showing substantial growth under the strong economic leadership of the Progressive Labour Party Government, as reported in the recently released Labour Force
Survey Report (November 2022).
Bermuda’s working population has returned to near pre-Covid levels, increasing from 33,496 in
November 2020 to 35,438 in November 2022.
The growing confidence in the Island’s strengthening economy and our future is evidenced by the addition of 1,942 jobs to Bermuda’s labour market. This growing working population included both an increase in the number of Bermudian (+6.1%) and non-Bermudian (+4.9%)
workers.
These improved employment numbers coincide with the news that Bermuda’s unemployment numbers have dramatically declined by 61%, falling from 2,891 in November 2020 to 1,121 in
November 2022. Reflecting our recovering economy, unemployment numbers for November 2022 were even lower than the pre-Covid unemployment recorded at 1,394 in November 2019.
Moreover, the overall unemployment rate was recorded at 3.1% in November 2022, significantly down from the 7.9% in November 2020 and the 3.8% reported before the pandemic in November
2019.
Quite simply, Bermudians are back to work. More specifically, the Bermudian unemployment rate declined from 9.6% in November 2020 to 3.5% in November 2022, even lower than the 4.4% Bermudian unemployment rate recorded in November 2019.
It is exciting to see that more of our young people are gaining vital work experience and, as a result, our youth unemployment rate, i.e., persons aged 16 to 24 years old, dropped from 32.1%
in 2020 to 11.1% in November 2022 which was even less than the 18.1% reported in November 2019. Through various initiatives, the PLP Government has demonstrated their commitment to
Bermuda’s youth by supporting them in reaching their full potential.
The improved labour force is a direct result of initiatives like the Bermuda Economic Development Corporation’s Summer Student Entrepreneurship Programme and Youth Pitch
competition;, as well as the Department of Workforce Development’s Summer Employment Programme, the apprenticeship scheme, and training opportunities, which have provided
opportunities for permanent employment. These programmes implemented under the PLP
Government are examples of the investment in youth-centric initiatives to secure Bermuda’s future.
Black employment in Bermuda has increased to 20,698 workers, up from 17,828 reported in November 2020 and even higher than pre-Covid levels when there were 18,689 black workers
Not only are more people working in Bermuda, but workers are also earning more, with the median income increasing from $64,033 in November 2020 to $65,725 in November 2022, an
increase of 2.7%.
While there is more work to be done, these impressive employment statistics, coupled with the recently published strong quarterly GDP figures for 2022, are evidence of the effectiveness of
the PLP Government’s economic policies and their commitment to listen and respond to the needs of Bermudians and provide increased opportunities for development and advancement.
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