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Seventh successive year of job losses

Bermuda recorded its seventh consecutive year of job losses as the total number of posts held fell by 156, according to government statistics released today.

The total number of jobs in the island's economy was 33,319, down from 33,475 in 2014, a fall of 0.5 per cent. The rate of job losses slowed markedly from the 802 jobs lost in 2014.

The figures show that the island lost more than 4,000 jobs between 2011 and 2015.

There were 257 fewer jobs held by Bermudians in 2015 than the year before, while non-Bermudians held 105 more.

The bulk of the job losses could be attributed to the public sector, as the Bermuda Government's cost-cutting measures took effect.

An ongoing hiring freeze and voluntary early retirement scheme may have contributed to the net loss of 227 jobs in the public administration sector, as well as a near ten per cent cut in the number of public-school teachers employed from 753 to 679.

The financial intermediation sector was the biggest gainer, adding 116 jobs. The hotel industry recorded a net loss of 113 jobs.

The wholesale trade industry saw a loss of 70 jobs, while retail had 46 fewer jobs and international business had 37 fewer positions.

Jobs held by black people fell to 17,823 from 18,105, while employment among whites rose to 10,780 from 10,736 and mixed/other races advanced to 4,716 jobs from 4,634.

The median gross annual income for employees working in organisations with ten or more staff fell by $240 to $63,657.

Women earned more than men and the pay gap widened to nearly $4,600 last year. Median gross income for women was $65,927, compared to $61,330. Women's pay climbed 1 per cent last year, while men's fell 2 per cent.

The breakdown according to race showed that blacks' median gross income was $57,673, more than $30,000 less than the $88,405 earned by whites. Mixed and other races earned $54,949.

The highest-paying sector was international business, whose employees made median gross income of $128,871, up 3 per cent from 2014 and more than double the island's median gross income. Neck and neck in a distant second place were financial intermediation ($80,473) and the electricity, gas and water sector ($80,400).

The hospitality industry was the lowest payer, with restaurant, café and bar workers seeing median gross income of $34,988, down 1 per cent from 2014, while hotel workers earned $36,883, up 3 per cent year over year.

The figures were revealed in The Bermuda Job Market Employment Briefs, which highlights the findings of the 2015 Annual Employment Survey.

* Access the full report under the Related Media heading on this webpage.

Employment dip: the financial intermediation sector recorded job gains, while international business and retail were among the sectors with fewer jobs

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Published June 23, 2016 at 3:30 pm (Updated June 23, 2016 at 5:27 pm)

Seventh successive year of job losses

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