Unemployment hits record low
The unemployment rate in Bermuda has dropped to only 1.6 per cent, with youth unemployment falling even farther to 2.4 per cent, according to the latest labour force survey released by the Ministry of Economy and Labour.
Speaking in the House of Assembly on Friday, Jason Hayward, the Minister of Economy and Labour, said the May 2024 report reflects a “robust” labour market bolstered by active government investment in workforce development and training.
“Bermuda’s labour market remains strong,” Mr Hayward said. “This is another positive indicator as economic and labour policies continue to support local employment.”
Unemployment among Bermudians peaked at 8 per cent in 2012, with youth unemployment at a staggering 36 per cent during that time. Even as recently as 2020, in the early months of the pandemic, nearly one in ten Bermudians was out of work. In May 2023, the unemployment rate in Bermuda fell to 2.5 per cent, the lowest level recorded since 1980. The recent figures represent a continued rebound.
Among the survey’s findings:
• The employment rate rose to 81.4 per cent
• Bermudians made up 76.3 per cent of the working population
• Median gross annual income increased to $73,157
• Average weekly hours worked stood at 41.3
• A little more than 63 per cent of economically inactive individuals were retired
Mr Hayward said the progress is tied directly to the Government’s continued investment in education and skills training. “By investing in education, training and certification programmes, the Government is enhancing Bermudians’ skills and fostering a culture of continuous learning,” he said.
One area of focus is apprenticeships and technical training. Under the new National Certification and Apprenticeship Board, 52 apprentices are in training at present, and 34 Bermudians have earned certification from the National Centre for Construction Education and Research.
The Government has also supported 26 overseas scholarship recipients and launched short-term technical courses and micro-credential programmes. Meanwhile, 683 people received individual support from the Department of Workforce Development last year, and another 439 participated in skills training through monthly courses.
“The success stories across sectors are a testament to the power of education, hands-on experience and strategic partnerships,” Mr Hayward said, urging Bermudians to make full use of available support.
The May 2024 Labour Force Survey is available on the Government’s statistics portal.
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