Unemployment rate peaks at 7.5 per cent in Q1 2015
THE statistics of unemployed persons In Q1 2015 has risen to 7.5%, this is even as a total of 881,110 unemployed persons have joined the labour force under the quarter in review, representing18.43% rise between the period of Q4 2014 and Q1 2015, a new report on Unemployment and Underemployment watch 2015 has shown.
According to the report made available to the Guardian, the 18.43% rise when compared to the labour force population increased to 73.4 million as against the 72.9million in Q4 2014, representing in an increase in the labour force by 0.69%.
The bureau maintains that this means 504,596 economically active persons within 15‐64 entered the labour force, were able and willing and actively looking for work between January 1 and March 31 2015. Within the
same period, the total number in full employment (did something for at least 40hours) increased by 0.88%.
But it said the number of underemployed in the labour force during the
review quarter however, declined by 6.46% resulting in a reduction in the
underemployment rate to 16.6% (12.2mn) from 17.9% (13.1mn) in Q4 2014.
“The number of unemployed in the labour force, on the other hand increased by 861,110 persons or 18.43% between Q4 2014 and Q1 2015 resulting in an increase in the unemployment rate to 7.5% in Q1 2015 from 6.4% in Q4 2015.
Accordingly there were a total of 17.7 million people between age’s 15‐65 either unemployed or underemployed in the labour force in Q1 2015. The fact that the number of people that became unemployed (861,110 people) in the first quarter 2015 exceed the number of people that entered the labour force within the same period (504,596 persons) is an indication that some persons previously working in full employment lost their jobs while others previously underemployed and doing temporary, or part time work ended whatever they were doing and accordingly now didn’t have anything to do for at least 20 hours a week during the reference period.” it said.