Director of the Central Statistical Office, Dave Clement. Photo courtesy guardian.co.tt
August 07, 2012:
Unemployment Rate for 2011 falls to 4.9% - Labour Force declines between 2010 and 2011
4th Quarter 2011 Labour Force Statistics
The Total Labour Force for the 4th quarter of 2011 was 621,900 persons, representing an increase of 2.0% over the total labour force of 609,500 persons for the 3rd quarter, 2011. While males continue to comprise a larger share of the total labour force (59.1%), there was an increase in the female labour force of 3.8% between the third and fourth quarters 2011.
The Increase in the labour force between the 3rd and 4th Quarters 2011 occurred mainly among Craft and Related Workers, where the labour force increased by 8.1% and Elementary Occupations where the labour force increased by 3.9%.
The unemployment rate fell from 5.2% for the 3rd quarter, 2011 to 4.2% for the 4th quarter, 2011. For comparison, the 4th quarter, 2010 unemployment rate was 6.3%.
Analysis of the Annual Labour Force for 2011
For the full year 2011 the total number of persons in the Labour Force in 2011 was 611,600. This represents a decline of 1.2 % from the level recorded for the year 2010 of 618800 persons.
The decline in the total labour force was observed mainly in the age groups 15 – 19 and 20 – 24, which declined by 13.7% (2,800 persons ) and 10.6% (8,200 persons) respectively. These decreases were somewhat compensated by increases of 6.1% in the age group 35 – 39 and 1.8% in the age group 30 – 34.
An analysis of the annual data by occupational grouping revealed declines in the annual labour force of Craft and Related Workers and the labour force of Elementary Occupations between 2010 and 2011. Craft and Related Workers fell by 2.4% from 101,300 persons in 2010 to
98,900 persons in 2011 while Elementary Occupations declined 2.1% from 125,900 persons in 2010 to 123,300 persons in 2011. On the other hand, the size of the labour force of the Professionals Occupation Group, increased 9.2% between 2010 and 2011 moving from 27,100 persons in 2010 to 29,600 persons in 2011.
Analysing the annual data for 2011 by industry, reveals that the size of the Labour Force of the construction industry declined 6.5% from 107,700 persons in 2010 to 100,700 persons in 2011. The industry group: Wholesale and Retail Trade, Restaurants and Hotels also recorded a decrease in the size of its labour force over the same period moving from 114,800 persons to 111,000 persons or 3.3 pecent. These decreases were somewhat moderated by a significant increase of 8.6% in the Finance, Insurance, Real Estate and Business Services industry group, where the size of its labour force increased to 56,600 persons in 2011 from 52,100 persons in 2010
The unemployment rate for 2011 was 4.9%. This compares favourably with the unemployment rate of 5.9% in 2010.
The unemployment rate, (which is calculated as the number of unemployed persons as a percentage of the total labour force) declined over the period, for both males and females. The Male unemployment rate fell from 5.2% in 2010 to 3.9% in 2011. The unemployment rate for females also showed a decline, falling from 7.0% to 6.3% over the same period.
The unemployment rates for the 15 – 19 and 20 – 24 age groups continue to be the highest of all age groups. Significantly however both age groups recorded larger decreases in their unemployment rates. The unemployment rate for the 15 – 19 age group in 2011 was 15.3%, down from 20.1% in 2010. Likewise, the unemployment rate for the 20 – 24 age group fell from 12.4% in 2010 to 11.3% in 2011. The age groups 30 – 34 and 35 – 39, which have significant shares of the Total Labour Force, also fell from 5.2% to 4.2% and from 4.1% to 3.1% respectively between 2010 and 2011.
Most of the broad occupational groups showed declines in unemployment rates. The unemployment rate for Elementary Occupations was 8.4% in 2011, down from 10.4% in 2010. The rate fell because of a 2.1% fall in the Total Labour Force that was more than compensated by a 20.6% decrease in the number of persons unemployed which fell from 13,100 persons in 2010 to 10,400 persons in 2011.
The unemployment rate for Craft and Related Workers, the second largest occupational group, also declined from 6.5 % in 2010 to 5.2% for 2011. Here again, a 2.4% decline in the Labour Force of Craft and Related Workers was more than matched by a 22.7% fall in the number of unemployed persons in that occupational grouping. Also noteworthy was a 1.5 percentage point drop in the unemployment rate for Clerks which saw the rate falling from 7.9% in 2010 to 6.4% in 2011.
An analysis of unemployment rates by industry revealed a significant drop in the unemployment rate of the Construction industry, where rates fell from 12.9% in 2010 to 10.4% in 2012. The size of the labour force in Construction fell by 6.5% but was accompanied by a 24.5% decline in the number of persons unemployed for this industry resulting in the 2.5 percentage point drop in the unemployment rate.
The Community, Personal and Social Services industry recorded a fall in its unemployment rate from 4.1% in 2010 to 3.6 % in 2011. The Wholesale and Retail Trade, Restaurants and Hotels industry also saw its unemployment rate drop from 6.3% in 2010 to 5.9% in 2011.