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The seasonally adjusted monthly unemployment rate for March 2023 stood at 2.9 per cent, decreasing by 0.1 percentage points from the previous month.

 Components leading to the seasonally adjusted monthly unemployment rate

The unemployment rate for March 2023 stood at 2.9 per cent, declining by 0.1 percentage points from the same month last year and from the previous month (Table 1). In fact, the unemployment rate series remained stable at around 3 per cent over the past year.

During March 2023, the number of unemployed persons was 8,937, with the males and 25 to 74 age group being the major contributors to the overall level of unemployment. The seasonally adjusted number of unemployed youths amounted to 2,635, whereas those aged between 25 and 74 years stood at 6,302 (Table 2).

For March 2023, the unemployment rate for males stood at 3.0 per cent, decreasing by 0.1 percentage points when compared with the previous month. The rate for females stood at 2.8 per cent, dropping by 0.1 percentage points from February 2023 (Table 1).

The unemployment rate for persons aged 15 to 24 years (youth unemployment rate) was 9.2 per cent, while the rate for those aged between 25 and 74 years remained stable at 2.3 per cent (Table 1, Chart 2).

ARTICLE WRITTEN BY NSO

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