Unemployment Up, Average Household Income Down - 2008 Labour Force Survey.

Statistical data collected during May 2008, revealed the unemployment rate in the Bahamas increased from 7.9% in 2007 to 8.7% in 2008. The data represents information on Households and the Labour Force as they existed during the period April 28 – May 4 2008.

Overall, unemployment in the most populated center, New Providence, was up from 8.0% in 2007 to 8.7% in 2008 while in Grand Bahama a more modest increase from 8.8% to 9.0% was observed over the same period.

The data showed that 5,490 persons were added to the Labour Force in 2008, an increase of 2.9% over the previous year. Of the persons added to the Labour Force women numbered 3,105 compared to 2,385 men. Likewise, of the new employees hired in 2008, 3,430 (64%) were female.

The number of private households in The Bahamas was estimated to be 107,995, an increase of 1.4 percent over the 2007 figure. Of these, sixty percent (60%) were headed by males and 40% by females. The estimated average household income over the same period decreased from $45,221 to $43,427, with households in Grand Bahama averaging $40,381 and an above average household income reported in New Providence at $46,692. With the Bahamas' population distribution so heavily skewed towards New Providence, the above average income there is reflective of the disparity in income within the archipelago.

Further details pertaining to the 2008 survey will be available by the end of October when the final report is completed and released.