Unemployment rate in 1Q 2007, down to lowest ever rate

The first quarter of 2007 recorded the lowest ever unemployment rate of 6.2 per cent, the Department of Census and Statistics said. This is a continuation of the steady declining trend seen over the past few years.

The unemployment rate is the number of unemployed persons as a percentage of the labour force. Unemployed persons are the persons who are seeking and available for work, but have had no employment during the reference period, said the Census Department release which was issued through the Central Bank this week.

The first quarter 2007 unemployment rate was considerably lower than the rate of 6.8 per cent for the corresponding quarter of 2006.

This decline was seen in both sexes. The annual rate significantly dropped in 2006, when compared with the years 2003-2005. This was mainly due to healthy growth experienced especially in the industry and service sectors. The total number unemployed was estimated as 462,000 for the first quarter of 2007.