Cayman Islands unemployment falls to 3.4%
(CNS): Unemployment in the Cayman Islands has fallen to its lowest level since before the global economic crash, according to figures released by the Economic and Statistics Office on Wednesday. The Spring 2018 Labour Force Survey estimates that the overall unemployment rate is now at 3.4% (down from 4.1% this time last year), while for Caymanians alone the rate has fallen to 5.3% (down from 6.2% last year). Both numbers are the lowest level of unemployment for the country since 2007. The number of jobless Caymanians fell by 12.4% to settle at 1,118.
The under-employment rate also fell for local people by 1.1%, with 636 Caymanians identifying as under-employed. Meanwhile, the overall size of the labour force has grown by 1.5% and is now made up of almost 21,000 Caymanians, an increase of 2.4%.
The report shows a growth in the population of the Cayman Islands by 2.1%. As of June this year, the population was 64,240 made up of more than 36,154 Caymanians.
The permanent resident population also grew reflecting government’s processing of the backlog of applications after it had stalled due to legal troubles. There are now 5,971 permanent residents compared to 4,376 persons in Spring 2017. However, the non-Caymanian population has declined by 4%.
The full survey was published by the ESO on its website today, just before Finance Minister Roy McTaggart spoke about the figures as the Legislative Assembly opened on Cayman Brac.
The minister said he believed the drop in the unemployment rate reflected the success of the local economy and was not a distorted statistic, as was the case in 2007, when the low employment rate was largely due to the rebuilding of Grand Cayman following the devastation of Hurricane Ivan in 2004.
McTaggart explained that at that time Cayman was facing a false economy because of the construction process and it came to an end with the 2008 recession.
“But with these figures …we now have the best employment since that time and it tells me it is real; it is not a false number; these are real figures as people are finding work,” he added.
Category: Jobs, Local News
Unemployment is low because all Customs and Immigration workers are getting arrested every other day.
Meant to say high*
Caymanian jobs up, Caymanian unemployment down, everybody still pissed off (big surprise). Time for the sob stories and angry rants against your guest workers.
Ha, by adding more than 1,000 PR holders, has this caused the unemployment ‘rate’ to fall? CNS: Please can you put the actual numbers of unemployed Caymanians in a comment below for last year and this year so we can compare those numbers? The big question is: how have those numbers changed? We can always play with statistics one way or another.
CNS: I think you’ll find that all the figures you need are in this or past reports from the ESO.
Year – Unemployed Caymanians Population Labour Force
Spring 2018 1,118 (rate 3.4) 64,420 44,213
Spring 2017 1,277 (rate 4.1) 63,115 43,545
Spring 2016 1,111 (rate 3.9) 61,259 41,825
Spring 2015 1,575 (rate 5.6) 59,054 40,149
So, in 3 years, 457 unemployed Caymanians found jobs (and a number of those are probably underemployed), meanwhile, the labour force grew by 4,064 people and the population grew by 5,366.
So the Caymanian unemployment rate published paints a different picture when compared to looking at the factual details.
Not really. You’re getting down to the bottom of the barrel and not likely to get the rate lower.
the labor force growth and the growth in employment included more Caymanians than just the unemployed who got jobs. Despite what you think, nobody is stealing jobs from you.
There is underemployment. People have a job but not online with their experience. For example someone working as an admin assistant but has previous experience in hotel management. Or a qualified cpa with solid experience as a mid level manager but now working as a staff accountant. I’m not sure these figures line up to the reality.
He He He…I made sure a past employee of mine will never get another job in the Cayman Islands.
How and for what reason?
Didn’t like the guy and I could….lots of people are just trying to justify permits so are more than willing to accept anything negative.
You’re a coward
He rubbed me the wrong way. He will have a hard time getting a job back home since I wont write a letter of reference. Life is hard, but you need to accept that I will be living the good life here in Cayman because you did not serve me the way I wanted. Ha Ha Ha…good luck is all I have to say.
Yes all is well in Unity Lalalala land yes all you keep drinking the koolaid until they run out of the water to mix it with then you can just eat the dry mix 5.3% aaaah boy What good fortune for government that the people do not think.
Amazing news but I’m not surprised. The few caymanians that I knew that were unemployed all have jobs now.
Wish I could vote for PPM today.
Must be NiCE!
Looks pretty good.
And the true position is that there is no local unemployment, especially once one discounts those who chose to be unemployable, the drunks, junkies and criminals. Everyone capable of working could find a job tomorrow if they wanted to take one of the many jobs that are available.
they are unemployed by choice…..
Perhaps I should have invited you on some of the interviews I had recently, then your story would have been different.
What was the problem for you? Rampant self-pity or a lack of judgment as to what you are qualified to do?
NO, farty self-proclaimed evil genious managment who only like to hire mini-me versions of themselves. I wasnt a “good fit”
Cayman has become the envy of every country in the Caribbean and soon the world. Folks you live in paradise !! No wonder no one wants to leave.
Yeeeeah…if you have to keep repeating the clap-trap, then it aint so. Let the Island speak for itself…you may not like what people are saying from the outside looking in….
Exactly,
Oh please stop with such rubbish. At least they do not have to fight and scrabble to get whatever employment there is in their countries. Some have a lot of crime, so do we, they can feed themselves in the event of a disaster in the countries from which we import, wish we could, their people are highly educated and in charge of their countries, wish we were. Loads of money passing in and out of the country does not make us better off. They have pride in who they are, they are for the most part aware are outspoken in whatever is going on in their countries, wish our people were, their people stick together wish ours would . Go back and contemplate the above and try to understand what makes a place the envy of others, what really makes paradise.
So true. It is Jamaican, Bajan and Trinidadian culture in the written word, music and theater plus pride in who they are that makes them the ‘envy of others” and their countries “paradise’. A bit odd so many of them are dying to live here but ah so it go.
Might not be paradise, but perhaps better than where they came from.
You dont get out…much?
Good weather + sh&*(tty people = Sh&(tty experience.
The opposition is in major trouble. This was the one issue that could cause the PPM trouble. The Opposition was busy today taking credit for everything the Government announced. Not sure how they take credit for this.
At some point Ezzard has to understand that you catch more bees with honey. The bullying just doesn’t cut it.
My info tells me that Arden and Al have already lost re-election and Saunders is in major trouble. Ezzard will also lose if just one person runs against him.
Bernie is also out.
These predictions 3 years out from the electionare hilarious
I can assure you, you will be sorely disappointed come 2021
Unless of course you are implying that out of nowhere these men all of whom easily won their seats (except Alva) are going to simply fall over in the face of one good employment report
I’ll remind you Caymanian unemployment ROSE last year under the stewardship of the same ministers in charge today and another recession/financial crisis is coming it is a matter of when not if
The government lost 3 sitting ministers in the last election
Yet all of the opposition members who ran were re-elected
You are worrying about the wrong group friend
The opposition is a crucial part of a functioning democratic system, threatening all who dare oppose Their Royal Highnesses Alden and Mckeeva shows the true purpose of this comment
Please bear in mind that Al needed only one vote more than his opponent, he had fourteen to spare. A win is a win.
No one is contesting whether or not he won
What was mentioned was a slim victor, a victory is a victory
But in politics a slim victory is not a good sign
See more proof that our wonderful Unity government is leading our great country in the right direction. Honorable Premier you must stay on for 4 more years as you are the best ever leader! Now get that dock done as we need the CHEC here and the great leadership of the Decco crew!
Anonymous at 6:45 pm,You sound like you are pandering to that dough boy from North Korea! Very sad times in Cayman if you are the poor North Koreans and comparing them to him!!
Thank you. We need to stop the mad wotk permits. There is unskilled foreigners here with much more than skilled caymanians. How ci govt? How? Exploit…just like you all do your own. See.
Do you realize that a low unemployment rates means work permits go up? You economical dumbass?
That’s because these kinds of politicians get and stay elected by victim building.
How do you know thst Al and Arden will lose the next election. Are you a prophet? If they lose they would have lost honorably fighting for honesty, transparency, fairness, for the Caymanian people and yes, even for haters like you. Unlike the others whose main purpose is collusion, greed, lying, and deluding so many. As the saying goes, there is none so blind as those who will not see.
Nice
This survey must have be done while the NICE effort was going on!