📈 Local unemployment rate rises to 5% despite growing workforce

The latest Labour Force Survey (LFS) Fall 2023 Report from the Economics and Statistics office indicates a concerning trend in unemployment figures, with the rate of jobless Caymanians rising to 5%, an increase of 357 people compared to October 2022. This is despite the overall labour force growing by over 5%, with a 2.2% increase in local workers finding employment. The total workforce now stands at over 60,500, with 58,500 employed, including 21,563 Caymanians. 📊

While the Cayman Islands now boasts a record labour force and employment numbers, local unemployment rose to 1,143 people in October 2023, compared to 796 unemployed locals the year before and 842 in spring 2022. This rise in unemployment could be attributed to an influx of high school and college graduates entering the job market. The report also highlights that while almost 6% of the workforce is under 24 years old, only around half of them are employed. The estimated population of the islands grew by 3.9% by the end of 2023, reaching 84,738, with upper estimates suggesting as many as 89,951 residents. 📈

The report also reveals a decrease in underemployment, with the number of Caymanians working fewer hours than they would like falling by 50%, from 1,344 in October 2022 to 629. The majority of employed Caymanians are professionals (20%) or technicians and associate professionals (over 19%). Expat workers are predominantly employed in service, sales or craft and related trades work, accounting for over 40%, while only 17% of non-Caymanians are professionals. Over half of the workforce earns less than CI$3,600 per month, with more than 20,700 people earning less than $2,400 each month. 📉