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Unemployment Rate Rises Further

Despite improvements in some key economic indices, unemployment rate has risen further in third quarter (Q3) 2015, making it the fourth consecutive rise in unemployment rate quarterly since Q3,  2014.

National Bureau of Statistics, NBS, labour reports released during the weekend showed that the number of unemployed persons in the labour force increased by 1,454,620 during the quarter, resulting in an increase in the nation’s unemployment rate to 9.9 per cent in Q3 2015 from 8.2 per cent in Q2 2015 and 7.5 per cent recorded  in Q1 2015.

This came against a positive development in job creation as according to NBS Q3 job creation report, about 427,000 new jobs were created within the same period.

However, the report indicates that the new jobs created was inadequate to match the over 1.9 million new entrants into the labour market within the period.

Further analysis of the labour report also shows that there were a total of 20.7 million persons in the labour force that were either unemployed or underemployed compared to 19.6 million in Q2 2015, and 17.7 million in Q1 2015.

Highlights of the unemployment and underemployment in Q3 2015 show a continuous rise in the economically active population or working age population (persons within ages 15- 64) increasing from 102.8 million in Q1 2015 to 103.5 million in Q2 2015 and 104.3 milion in Q3 2015.

In Q3 2015, the labour force population (those within the working age population willing, able and actively looking for work) increased to 75.9 million from 74.0 million in Q2 2015, representing 2.6 per cent increase in the labour force.

The higher labour force population has doused the progress made in job creation where total number of new jobs recorded in the economy was 475,180, a significant increase of 42.5 per cent above 333,812 recorded in Q2 2015 and a huge 278 per cent leap against 125,837 jobs recorded in the corresponding period of 2014.

However, NBS said the increase in the number of jobs in Q3 2015 was driven mainly by informal sector jobs, which accounted for 90.2 percent of the total jobs created. It added that the informal jobs were predominantly in the agriculture sector which usually turn out heavy in the planting season of Q3.

 

 

Source: Vanguard Nigeria

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