Statin — Page 7

Inflation moderates slightly

February 19, 2014 by IC Insider.com

Jamaica’s inflation moderated slightly in January this year, according to data released by Statistical Institute of Jamaica (Statin) compared with the December 2013 inflation rate.

Statin says that the inflation recorded by the All Jamaica Consumer Price Index was 0.5 per cent. Jamaica’s inflation rate for December 2013 was put at 0.6 percent by Statin in an earlier report released in January.

All divisions recorded an inflation rate below 1.0 per cent, with the exception of ‘Furnishings, Household Equipment and Routine Household Maintenance’, which recorded an increase of 2.9 per cent. This movement was due mainly to the increase of approximately 12.0 per cent in the National Minimum Wage which took effect on January. The highest weighted division, ‘Food and Non-Alcoholic Beverages’ moved up by 0.4 per cent a slightly lower movement than the 0.5 per cent recorded for December 2013, as lower prices were paid for vegetables and starchy foods.

The upward movement in the index recorded for the divisions for January were as follows: ‘Food and Non-Alcoholic Beverages’ which moved up by 0.4 per cent, ‘Alcoholic Beverages and Tobacco’ 0.1 per cent, ‘Clothing and Footwear’ 0.2 per cent, ‘Housing, Water, Electricity, Gas and Other Fuels’0.7 per cent, ‘Health 0.3 per cent, ‘Transport’ 0.1 per cent. ‘Recreation and Culture’ 0.1 per cent, ‘Restaurants and Accommodation Services’ 0.5 per cent, ‘Miscellaneous Goods and Services’ 0.7 per cent, ‘Education’ and ‘Communication’ recorded negligible movement for the period under review the release stated.

The Index advanced in all three regions: Greater Kingston Metropolitan Area (GKMA) 0.6 per cent, Other Urban Centres (OUC) 0.4 per cent and Rural Areas, 0.5 per cent.

Filed Under: Economy Tagged With: Economy, Inflation, Statin

Business conditions mending?

February 12, 2014 by IC Insider.com

The perceptions about present and future business conditions improved significantly in the most recent survey relative to the previous survey done in November last year. The survey was commission by Bank of Jamaica and undertaken by Statin.

In the most recent survey, the index hit 97.5 for current business conditions, up strongly from 66.6 in October and 87.4 in September and is at the highest level since June 2012 that was recorded at 115.1. However, the perception of future business conditions remained below the levels recorded in FY2011/12.

The business sector is very bullish on the future, as the future expectations reading is now up to 125 compared to 98.6 in October and is at the highest since November 2012 at 130.6.

About the survey | The Statistical Institute of Jamaica (STATIN) undertakes surveys of businesses on behalf of the Bank of Jamaica to ascertain the expectations of economic agents about variables which are likely to have an impact on inflation in the near-term. In this regard, the survey captures the perception of Chief Executive Officers, Managing Directors and Financial Controllers about the future movement of prices, current and future business conditions and the expected rate of increase in wages/salaries.

Related posts | Business confidence drops 24%

Filed Under: Economy Tagged With: BOJ, Economy, Statin

Employed up, so too unemployed

February 4, 2014 by IC Insider.com

The unemployment rate for September 2013 was 14.9 percent compared to 14.0 percent in September 2012 but males unemployment rate was well below the national average at 10.6 percent but that for females at 20 percent was way over the average.

Employed up | The Employed Labour Force for September 2013 was 1,110,700 or 6,700 more than the 1,104,000 recorded in September 2012. For males, it increased by 6,400 (1.0 percent) to 637,800 and for females there was no noticeable movement.

The Unemployment rates among youths aged 14-24 years was 37.7 percent in 2013, an increase of 3 percentage points compared with 34.7 percent in September 2012. At the same time, male unemployment rate for youths was 31.4 percent compared to 46.2 percent for females.

The main findings of the 2013 Labour Force Survey, conducted by the Statistical Institute of Jamaica (STATIN) and covers the reference week of September 22-28.

Clerks got jobs | While the unemployment rate moved up in September, it was not all doom and gloom as the Occupation group ‘Clerks’ in the Employed Labour Force increased by 14.3 percent or 12,800 persons, from 89,400 in September 2012 to 102,200 in September 2013. The group ‘Service Workers and Shop and Market Sales Workers’ had the largest decline for the same period, moving from 225,900 to 215,300 in September2013 resulting in a decline of 10,600 (4.7 percent) persons.

In September 2013 the largest percentage increase in employment occurred in the industry group ‘Health & Social Work’ where the number of persons employed increased by 32.1 percent or 8,400 persons moving from 26,200 in September 2012 to 34,600. During the same period, the industry group ‘Other Community, Social and Personal Service Activities’ declined by 3,900 (6.1 percent).

Increased unemployed | The number of unemployed persons increased by 14,100 (7.8 percent) moving from 179,900 in September 2012 to 194,000 in September2013. Over the same period the number of unemployed males increased by 1,400 (1.9 percent) and the number of females by 12,700 (12.0 percent).

The number of persons in the Labour Force was 1,304,800, which was 20,900 (1.6 percent) higher than the 1,283,900 recorded in September 2012. The male labour force increased by 7,900 (1.1 percent) from 705,700 in September 2012 to 713,600 in September 2013, and the female labour force increased by 13,000 (2.2 percent) moving from 578,200 to 591,200 during the same period.

Outside labour force | Persons classified as Outside the Labour Force in September 2013 was 774,300. This represents a decrease of 15,200 (1.9 percent) when compared to 789,500 in September 2012. Over the same period, the number of males Outside the Labour Force declined by 5,100 (1.6 percent) moving from 311,700 to 306,600 and females by 10,100 (2.1 percent) moving from 477,800 to 467,700.

Filed Under: Economy Tagged With: Economy, Employment, GOJ, Statin

Major cost input for production in 2013

January 24, 2014 by IC Insider.com

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The Producer Price Index (PPI) is up nearly 1 percent in November and for the 12 months to November there was an increase in the index for the Mining Quarrying industry of 13.4 per cent and the Manufacturing industry of 8.5 per cent based on the point-to-point movement.

Statistical Institute of Jamaica (STATIN), who compiles the data stated that “for the Mining & Quarrying industry PPI for November, increased by 0.9 per cent”, mainly due the continued depreciation of the Jamaican dollar during the period. “The producer prices for the Manufacturing industry increased by 0.8 per cent. This increase in the index for the Manufacturing industry, was mainly impacted by the upward movement in the index for the major groups; ‘Food, Beverages & Tobacco’ and ‘Other Non-Metallic Products’ of 0.9 per cent, and 3.2 per cent respectively”.

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The point-to-point movement to November in the Manufacturing industry mainly resulted from increases of the following major groups: ‘Food, Beverages & Tobacco’, 7.5 per cent, ‘Refined Petroleum Products’ 12.0 per cent and ‘Other Non-Metallic Mineral Products’ 20.9 per cent.

The period April 2013 to November 2013, the Mining & Quarrying industry reflected an upward movement in its index of 8.1 per cent and the Manufacturing industry’s index rose by 3.5 per cent.

Related post | November worse month for revenues

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Filed Under: Economy Tagged With: Economy, PPI, Statin

2013 inflation 9.7%, worse than 2012

January 23, 2014 by IC Insider.com

The Statistical Institute of Jamaica (STATIN) has reported Jamaica’s inflation rate for December 2013 as 0.6 percent, which brings the 2013 calendar year inflation to 9.7 percent and 1.7 percentage points above the 8.0 percent recorded for 2012. Inflation is measured by the All Jamaica ‘All Divisions’ Consumer Price Index. The movement of the local currency, which suffered from a devaluation, played a role in the increase.

The division recording the highest movement for the calendar year 2013 was ‘Transport’ which increased by 20.4 percent due to increased bus fares in September. The ‘Communication’ division recorded the only decline, moving down by 4.2 percent as telecommunication rates fell during the year.

All divisions recorded increased movements for December. ‘Food and Non-Alcoholic Beverages’ moved up by 0.5 percent due mainly to increased prices in eggs and sugar; ‘Transport’ which moved up by a similar 0.5 percent due to the higher cost of petroleum and its related products and air fares; and ‘Housing, Water, Electricity, Gas and Other Fuels’ moving up by 0.7 percent, due to the higher cost for electricity. The movement from April was 6.8 percent as at December 2013.

All other divisions that make up the All Jamaica index recorded increases for December 2013. ‘Miscellaneous Goods and Services’ went up by 0.8 percent. ‘Furnishings Household Equipment and Routine Household Maintenance’ and ‘Restaurants and Accommodation Services’ each increased by 0.7 percent. ‘Clothing and Footwear’ rose by 0.5 percent, ‘Alcoholic Beverages and Tobacco’ 0.4 percent, ‘Recreation and Culture’ 0.3 percent and ‘Health’, 0.2 percent. There was no movement recorded for ‘Education’ and ‘Communication’.

The Index advanced in all three regions: Greater Kingston Metropolitan Area (GKMA), 0.7 percent, Other Urban Centres (OUC) and Rural Areas, 0.5 percent.

Filed Under: Economy Tagged With: Economy, GOJ, Inflation, Statin

Statin confirms growth of 0.5%

January 6, 2014 by IC Insider.com

The Statistical Institute of Jamaica (Statin) is confirming that the Jamaican economy recorded growth of 0.5 per cent in the third quarter of 2013 when compared to the similar quarter of 2012.

Earlier in the year, Statin reported that the Jamaican economy declined by 0.1 per cent in the second quarter and declined by 1.3 per cent in the first quarter of 2013. To achieve positive growth for the calendar year would require growth rate of nearly twice the performance of the third quarter or close to 1 percent. Quite a bit of the growth in the latest quarter is a recovery from the negative impact that Hurricane Sandy had on the economy, particularly the agricultural sector, rather than improved performance from ongoing economic activities.

Statin, the body changed with gathering economic and social data on behalf of Government of Jamaica, said the third quarter performance resulted mainly from a 2.2 per cent increase in output of the Goods Producing industries as the Services industries declined by 0.1 per cent.

Within the Goods Producing Industries, all industries except Manufacture recorded increased output levels. Agriculture, Forestry & Fishing grew by 5.4 per cent and this was the first quarter of growth recorded by this industry since the passage of Hurricane Sandy. The Mining & Quarrying and Construction industries grew by 6.4 per cent and 2.1 per cent respectively. The Manufacture industry however, declined by 0.9 per cent.

There were mixed performances within the Services industries. Increased levels of output were recorded for Hotels & Restaurants (0.7 per cent), Finance & Insurance Services (0.3 per cent), Transport, Storage & Communication (0.2 per cent) and Real Estate, Renting & Business Activities (0.2 per cent). Industries that recorded lower levels of output were: Electricity & Water Supply (-3.5 per cent), Producers of Government Services (-0.2 per cent) and Wholesale & Retail Trade; Repairs; Installation of Machinery & Equipment (-0.1 per cent). Other Services remained relatively unchanged during the period.

When compared with the second quarter of 2013, the economy grew by 0.8 per cent. This was due largely to a 3.2 per cent growth in the Goods Producing industries as the Services industries remained relatively unchanged.

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Filed Under: Economy Tagged With: Economy, GOJ, Statin

Inflation drops sharply in November

December 24, 2013 by IC Insider.com

The Statistical Institute of Jamaica (STATIN) reported a slowdown in inflation for November compared with 0.9 percent in October and 1.03 percent in September.

According to the body charged with collecting and collating economic data on behalf of the Government of Jamaica, the All Jamaica ‘All Divisions’ Consumer Price Index for November 2013 was 209.9 reflecting an inflation rate of 0.5 percent when compared to the index of 209.0 for October. This upward movement was mainly the result of a 0.7 percent rise in the index for the most heavily weighted division, ‘Food’ & Non-Alcoholic Beverages’. The impact of this movement was however tempered by the 0.2 percent fall in the index for the second most heavily weighted division ‘Transport’. This was the only division to record a decline for the month, with lower petrol prices being the contributing factor. The index for the division ‘Housing , Water, Electricity Gas and Other Fuels’ rose by 0.2 percent, and there was a 0.3 percent advance in the index for ‘Education’ impacted mainly by an increase in the cost of examination fees.

For the first 11 months of the calendar year 2013, the inflation rate was 9.1 percent. Year over year, inflation for November was 10.2 percent and for April-to-date the movement was 6.2 percent.

The other divisions that recorded increases in the All Jamaica ‘All Divisions’ index were: ‘Clothing and Footwear’ 0.7 percent, ‘Restaurants and Accommodation Services’ and ‘Miscellaneous Goods and Services’ each recorded increases of 0.6 of percent,’ Furnishings, Household Equipment and Routine Household Maintenance’ 0.5 percent, Alcoholic Beverages and Tobacco’ 0.4 percent, ‘Health’ 0.3 percent, and ‘Recreation and Culture 0.2 percent.

There were upward movements in all three regional indices: Greater Kingston Metropolitan Area 0.7 percent, Other Urban Centres recorded a movement of 0.4 percent and Rural Areas 0.4 percent.

Filed Under: Economy Tagged With: Economy, GOJ, Inflation, Statin

Business confidence drops 24%

December 17, 2013 by IC Insider.com

Confidence level, which was at its highest for 2013 in September at 87.4 versus a low of 47.5 in April, dropped sharply in October to 66.5, a 24 percent fall.

Persons in the business sector were asked, “In general, do you think business conditions are better or worse than they were a year ago in Jamaica?” The survey was carried out on behalf of Bank of Jamaica.

Perceptions about future business conditions also fell but not as badly as for current conditions. The responses in September saw the highest reading for the year at 116.6 but it fell sharply to 98.6 in October a 15.5 percent fall. The findings are in response to the question “Do you think that in a year from now business conditions will get better or get worse than they are at present?” Although the survey did not give reasons for the decline, it seems to coincide with the falling rate of exchange of the local dollar and high inflation as well as the view that there is likely to be a 6 percent fall in the value of the Jamaican dollar a year from October this year.

The Statistical Institute of Jamaica (STATIN) undertakes surveys of businesses on behalf of the Bank of Jamaica to ascertain the expectations of economic agents about variables which are likely to have an impact on inflation in the near-term. In this regard, the survey captures the perception of Chief Executive Officers, Managing Directors and Financial Controllers about the future movement of prices, current and future business conditions and the expected rate of increase in wages/salaries. The most recent survey was conducted in October 2013 and had 300 respondents.

Filed Under: Economy Tagged With: BOJ, Economy, Statin

Inflation high, lower than September

November 19, 2013 by IC Insider.com

A combination of factors led to a hike in inflation in October as measured by the Consumer Price Index (CPI) of movements for householders.

According to the Statistical Institute of Jamaica (STATIN), the inflation rate as recorded by the All Jamaica ‘All Divisions’ Consumer Price Index was 0.8 percent for October 2013. Impacting the index for this month was the 3.9 percent increase in the index for the division ‘Housing, Water, Electricity, Gas and Other Fuels’ due mainly to upward movement in the cost of water and sewerage, which resulted in a rise of 20.0 percent in the group ‘Water Supply and Miscellaneous Services Related to the Dwelling’. Also increasing in this division was the group ‘Electricity, Gas and Other Fuels’ which rose by 2.9 percent. All other divisions with the exception of ‘Transport’ and ‘Communication’ recorded increases in their index Statin stated. Transport fell by 0.4 percent due to lower prices for petrol and air fares while Communication fell by 0.6 percent due to the reduction in some telecommunication rates.

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The calendar year-to-date inflation rate for October 2013 was 8.6 percent, the point-to-point 10.3 percent. The October out turn reflects moderation from the 2.8 percent recorded for September, which Statin said stemmed mainly from bus fare increases.

The other divisions that recorded increases in the All Jamaica ‘All Divisions’ index were: ‘Food and Non-Alcoholic Beverages’ 0.4 percent, ‘Alcoholic Beverages and Tobacco’ 1.8 percent, ‘Clothing and Footwear’ 0.2 percent, ‘Furnishings, Household Equipment and Routine Household Maintenance’ 0.6 percent, ‘Health’ 0.4 percent, ‘Recreation and Culture’ 0.3 percent, ‘Restaurants and Accommodation Services’ 0.1 percent, and ‘Miscellaneous Goods and Services’ 1.1 percent.

The regional index showed upward movements in all three regions: Greater Kingston Metropolitan Area 0.8 percent, Other Urban Centres recorded a movement of 0.9 percent and Rural Areas 0.8 percent.

Related posts | Jamaica’s inflation jumps

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Filed Under: Economy Tagged With: CPI, Economy, Inflation, Statin

Businesses see J$ at $110 late 2014

November 19, 2013 by IC Insider.com

According to a survey undertaken by Bank of Jamaica in September, senior officers in the business sector anticipate an upturn in the pace of depreciation of the Jamaican dollar for the 3-month, 6-month and 12-month periods beyond the survey date.

This was relative to the August 2013 survey, which showed a lower expected pace of depreciation over all the time horizons. In the September 2013 survey, the exchange rate was expected to depreciate by 1.8 percent, 3.0 percent and 4.7 per cent for the 3-month, 6-month and 12- month horizons, respectively.

By comparison, the August survey had expected depreciation of 1.5 per cent, 2.6 percent and 4.3 percent over the respective horizons.

If the expectations of the interviewees were to materialise, then the exchange rate would be around J$110 to the US dollar but then that is not quite consistent in the September 2013 survey where the respondents’ expectation of inflation 12-months ahead increased to 10.4 percent in the September 2013 survey, relative to 10.3 per cent in the August 2013 survey. This inflation expectation would suggest an exchange rate adjustment closer to 7 or 8 percent.

The Statistical Institute of Jamaica (STATIN) undertakes surveys of businesses on behalf of the Bank of Jamaica to ascertain the expectations about variables which are likely to have an impact on inflation in the near-term. In this regard, the survey captures the perception of Chief Executive Officers, Managing Directors and Financial Controllers about the future movement of prices, current and future business conditions and the expected rate of increase in wages/salaries.