GOOD NEWS: More fresh graduates secure jobs despite increase in unemployment

People with Bachelors degrees and the higher national diploma (HND) were able to secure more jobs between the third quarter of 2017 and the corresponding period in 2018.

This is despite the increase in the country’s unemployment figures from 17.6 million people to 20.9 million people.

According to the unemployment report released by the National Bureau of Statistics released on Wednesday, unemployment among fresh graduates declined by four percent from 28.1% to 25.2%.

Underemployment, which defines people working less than 40 hours a week, increased from 11.3% to 13.8%.

“The increasing unemployment and declining underemployment rates imply that the fragile economic recovery is beginning to create employment, however, hours worked within these jobs are not yet enough for full-time employment (40+ hours within the week),” the report read.

“While this is ongoing, the inflow of entrants into the labour market continues to grow steadily, minimizing the effect of any jobs created within the economy on the overall unemployment rate.

“In absolute terms, 1,182,000 people joined the working age population (the age they are now allowed to work) in Q3 2018, out of which 961,391 people joined the labour force (those who are now eligible for work that has now started looking for work) between the second and third quarter of this year.

“The faster growth rate in the labour force over the working age population indicates that more persons previously outside the labour force (unwilling/unable/not actively seeking to work), decided to join the labour force (i.e. to actively seek work) in Q3 2018.”

According to the report, urban dwellers recorded a 2.2% decrease in unemployment while rural dwellers recorded a7.5% increase in unemployment.

“Underemployment, however, decreased for rural areas while urban areas rose in review period – 22.8% of rural residents within the labour force in Q3 2018, were underemployed (engaged in work for less than 20 hours a week); compared to 13.7% of urban residents within the labour force during the same period,” the report read.

“While urban region underemployment has increased 4.7 percentage points over the same period last year (Q3 2017), rural underemployment declined by 4.1 percentage points compared to the same period last year (Q3 2017).”