This can sometimes be a little tricky. Having a better comprehension of how the unemployment rate is calculated can make things a little easier. Simply put, the unemployment rate is the percentage of the workforce of a country that is actively seeking to become employed but has not been versus the number of persons who are currently employed. This rate can rise or fall depending on changes occurring in the economy.
According to information garnered from The Statistical Institute of Jamaica (STATIN), the current unemployment rate in Jamaica is 8.7%. This figure is reflective of the fourth quarter of 2018 after an increase from the third quarter by 0.3%. To provide some insight, here is a brief history of the unemployment rate in Jamaica: the average unemployment rate in Jamaica from 1997-2018 has been 13.29%. The highest it has even been is 16.4% in the fourth quarter of 1997 and the lowest is 8.4% in the third quarter of 2018. The highest level of unemployment is concentrated to the age group of 20-24 (37,100 individuals of both sexes combined) according to the 2018 fourth quarter report.
Understanding the Unemployment Rate
Causes of Unemployment
There are, of course, many reasons for unemployment in any country but being able to narrow it down to a few makes it easier to combat in the long term. The top 3 reasons for unemployment are:
This is where there are fewer jobs than there are applicants, also referred to as demand-deficient unemployment. Often, this occurs during the recession phase of the business cycle. When the consumer demands fall, companies are forced to react by laying off employees due to a loss of profit. This increase in unemployment further fuels the decrease in consumer demands, hence the term cyclical.
This type of employment is long term and involuntary. The main causes of this type of unemployment are technological advances and outsourcing. Advances in technology refers to the replacement of human resource by robots and computers. Outsourcing is the movement of jobs (mainly manufacturing and customer service) to a country with a lower cost of living and hence cheaper labor costs.
This is the main type of unemployment. This includes those that voluntarily leave the workforce in pursuit of a better job, workers who must relocate for any reason, new entrants to the workforce (mostly recent graduates) and workers who are re-entering the workforce after a break. The main cause of youth unemployment is being new to the workforce.
How Jamaican Medium Helps
Along with this insight into not only the types of unemployment but also the current unemployment rate in Jamaica, it is only right that we offer up a solution. While Jamaican Medium cannot truly solve the unemployment in the island, the mission is to create a resource that lessens the level of stress for job seekers and increase their chances of becoming employed. Not only does the company advertise on behalf of reputable companies, but we also source jobs from other outlets to provide a comprehensive, centralized, up to date listing of current employment opportunities across the island. Jamaican Medium not only gives the job seeker details on the position but also details on the company so that jobseekers can gain a better understanding. The company also enables the job seeker to apply directly through the site saving time on a task that would otherwise be extremely time consuming and helping the job seeker to send out more applications, thus increasing their chances of becoming employed. Jamaican Medium works around the clock to provide job seekers with the most recent, accurate information possible so as to lessen their need to search individually and increase their possibility of becoming employed.