Jobless rate up as prices dip

BARBADOS' UNEMPLOYMENT RATE continues to rise, but the good news is that retail prices are dipping.

Two recent statements from the Research and Planning Unit of the Ministry of Economic Affairs noted a 2.2 per cent climb in unemployment and a 0.4 per cent drop in the Index of Retail Prices.

According to unemployment statistics based on the Continuous Household Labour Force Survey, unemployment between last January and March increased to 10.1 per cent.

"This figure represented an increase of 2.2 percentage points above the rate of 7.9 per cent recorded during the first quarter of 2008," the Research and Planning Unit noted.

After the first quarter of 2008 the number of people out of work had increased and by the end of September it totalled 8.4 per cent.

In the first quarter of 2009, the unemployment rate among males stood at 10.2 per cent - 3.7 percentage points above the 6.5 per cent for the same period in 2008.

Over the same period, the rate of unemployment among females rose to ten per cent, representing an increase of 0.6 percentage points on the 9.4 per cent for the corresponding period in 2008.

Fewer workers

In the review period the number of people employed totalled 128 300, or 4 100 fewer than those listed in the first quarter of 2008, when 132 400 people were working.

According to the unit, the labour force decreased to 142 700 people. There were 1 100 fewer workers, than to the 143 800 recorded in the first quarter of 2008.

"During this period, the total number of unemployed persons was 14 400, some 3 000 persons more than in the corresponding quarter of 2008," according to the unit.

The number of persons listed as "not actively looking for work" - and hence excluded from the labour force - increased by 1 600 to 70 300, compared to the 68 700 recorded in the corresponding January-March period in 2008.

A total of 27 800 males and 42 600 females were not considered to be in the labour force.

General services and Government services provided jobs for the largest number of people, employing 27 500 and 26 800 people respectively.

The distribution sector (wholesale and retail) provided employment for 17 000 people while tourism employed 13 800 people.

There were 12 200 in the construction and quarrying sector; 10 500 in finance, insurance and business services; 7 100 in manufacturing; 5 900 in transport and communication; 5 100 people in agriculture and fishing, inclusive of the sugar sector; and 2 300 in electricity, gas and water.

Falling prices

Meantime, the Index of Retail Prices (which marks the movement of prices) stood at 132.3 points for March.

This represents a decrease of 0.4 per cent compared to the 132.8 points recorded in February 2009.

The decline was fuelled by falling prices for food (down 1.1 per cent); housing (down 0.2 per cent); household operations and supplies; transportation; and education, recreation and miscellaneous (dropping 0.1 per cent).

According to the unit, price increases were recorded for clothing and footwear (up 1.8 per cent); alcoholic beverages and tobacco (up 1.4 per cent); fuel and light (up 0.7 per cent); and medical and personal care (up 0.4 per cent).

Between March 2008 and March 2009, the Index of Retail Prices increased by 6.6 per cent from 124.1 points to 132.3 points. (TY)