11% unemployment rate
Tue, October 11, 2011 - 6:30 PM
Today, the Central Bank of Barbados estimated Barbados' unemployment rate at 11.0 per cent in its Review of the Barbados Economy for the First Nine Months of 2011.
The Barbados Statistical Service (BSS), the agency responsible for doing continuous household labour force surveys, has stated that it is 12.1 per cent.
The bank revealed that they conducted their own survey to come up with their figure as the numbers from the BSS don’t correspond to the reality of the job market.
“The implicit increase in the number of persons unemployed from the first and second quarters does not appear to be consistent with the change in the labour force as a whole,” the bank said in their statement.
It added: “For unemployment to have moved from ten per cent at [the] end-March 2011 to 12.1 per cent at end June 2011 would have meant the loss of 3,000 jobs during the second quarter. All available evidence – a survey of the 30 companies, the new unemployment claims, and feedback from the Barbados Employers’ Confederation (BEC) and trade unions – does not support this.
“The rate that the Central Bank has estimated based on the evidence mentioned in the Press Release (11 per cent) appears to be more representative of the change in the total labour force for the year up to the end-September.” (SP)
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