More than 1,100 jobs lost in 2013

The Bermuda job market stayed on the skids in 2013.

The total number of filled jobs fell by 1,166. There were 35,443 jobs counted in the Bermuda Job Market Survey conducted by the Department of Statistics in 2012 and just 34,277 in 2013.

This marks the fifth straight year of decline.

At the apex, there were 40,213 jobs in 2008 – a decline of nearly 6,000 jobs in five years.

The 35,44s jobs was the lowest amount since 1995.

The number of Bermudian jobholders fell from 25,132 in 2012 to 24,504 in 2013. The total jobs filled by Bermudians fell two per cent. Total jobs filled by non-Bermudians fell seven per cent.

For those who managed to hang onto a job, their pay increased by 1 per cent. The median gross annual income by jobholders in businesses with 10 or more employees was $60,668.

The median income for Bermudians was $57,414; for permanent residents $60,375; for spouses of Bermudians $74,065; and for other non-Bermudians $80,906.

Workers in international business earned a median income of $120,726 while workers in hotels had a median average income of $35,614 and in restaurants of $34,872.

Premier Craig Cannonier said the survey was done in the last week of August of 2013.

 The Premier said: “As a result, it cannot represent a complete picture for the calendar year of 2013, nor can it reflect trends and developments in the economy today. What it does show is theterrible, ongoing impact on Bermudians, of deep-seated recessionary pressures that began as far back as 2009.  Stopping the momentum behind the job losses was the Government's number one objective in our first year and we believe we have made progress on that critical goal through policies and actions to grow the economy.

 “The signs of a turnaround are growing.  Over the calendar year, we’ve seen the highest number of company incorporations, both local and international since 2008. We’ve seen the first year-over year increase in retail sales volume in six years, which is a very promising indicator that consumer spending is on the rise, fueled in part by a moderate rise in income amongst job holders. We’ve also seen positive steps taken toward the development of job-creating projects such as: Pink Beach, Coral Beach, Ariel Dands, Morgan’s Point, Sonesta and the Hamilton Princess.

“The thrust of these and other developments in the economy should have a positive impact on the job situation, whether it be in the retention of jobs or the creation of new jobs, because businesses are starting to do better. We’re not out of the woods yet, but we’re getting there."   

The Minister of Finance, Bob Richards, added: “What we have in short, is an economy that is in transition and turning the corner.  As Minister of Finance, the Government will continue to do what is necessary to strengthen conditions that will get Bermudians back to work and to end the recession that has hurt so many.”