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'Recession job losses could end up topping 2,000'

Doug Soares of Expertise

The total number of jobs lost in Bermuda due the recession are expected to be more than 2,000, according to a top recuitment expert.

Doug Soares, partner at Expertise, believes that such a figure will be borne out in the employment data for 2010.

But Mr. Soares, who was commenting on the Department of Statistics' Bermuda Jobs Market Employment Briefs for June 2010, said the number of positions filled may not drop so greatly if job growth in the public sector and health care industry remained strong.

"The sharp decline in the total jobs filled will come as no surprise to many," he said.

"In fact, many might have expected greater losses. But it is important to note that 2009 as defined by the Annual Employment Survey is not a calendar year.

"So I expect the 2010 employment data to show sharper declines than recorded in 2009, especially in sectors such as construction.

"I suspect that the 2010 statistics will show that the total number of job losses resulting from the recession will exceed 2,000. However, the total number of jobs filled may not decline by such a significant number if job growth in the public sector and heath care industry remains strong."

Mr. Soares said many of the job losses in the international business sector were as a result of a decline in the financial services industry, particularly fund administration.

But he said the industry had not experienced as many job losses this year, however neither had there been much job creation.