A survey of the work landscape last year showed “encouraging evidence of a continued strengthening of Bermuda’s labour market” in 2023-24, the House of Assembly heard.

Jason Hayward, the Minister of Economy and Labour, told MPs that the November 2024 Labour Force Survey Report showed 1.4 per cent unemployment, compared with 2.8 per cent recorded a year earlier.

He added: “The unemployment rate for Bermudians stood at 1.3 per cent, a decrease from the 3.3 per cent rate reported in November 2023.”

Youth unemployment, in the 16 to 24 age bracket, declined to 3.4 per cent, from 13.5 per cent in November 2023.

Robert King, the Leader of the Opposition, called the drop “promising”.

Overall, the labour force participation rose last year from 82.4 per cent to 84.1 per cent, which Mr Hayward said “demonstrates the continued willingness and capacity of our people to contribute to Bermuda’s economic growth”.

The employment rate edged up from 80 per cent to 82.8 per cent.

The median gross annual income from a worker’s main job increased from $68,360 to $75,718.

Mr Hayward highlighted that the average hours worked per week in the main job was 40.9 — a decrease from the 41.2 recorded in 2023.

Among the economically inactive population, 65.4 per cent were retired and 20.7 per cent were full-time students.

He told the House that the figures showed a “stable, improving” labour market.

Mr Hayward added: “While we acknowledge areas where further progress is needed, particularly in addressing underemployment and ensuring continued wage growth, these findings are a positive indication of our collective recovery and advancement.”

• To see the ministerial statement in full, see Related Media

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Jason Hayward - November 2024 Labour Force Survey Report