According to estimates from The Cayman Islands Labour Force Survey (LFS) Spring 2023 Report, the total labour force increased by 7.9% in the past year to include 58,669 people as of June 2023.
With 1,404 people being counted as unemployed, the overall unemployment rate dropped to 2.4% from 3.0% in June 2022.
Premier Panton said, “Growth cannot come at the cost of peace of mind and quality of life. We must ensure that growth and expansion are sustainable. This is one of the key reasons why we need to be both strategic and far-sighted in our planning now and moving forward so we may ensure that all Caymanians and residents have a good quality of life within our shores.”
The Premier noted that there was one aspect of the Labour Survey report that he found overwhelmingly positive and encouraging. He said, “I am heartened by the decrease in Caymanian unemployment to the lowest rate in decades, showing that our people are benefitting from the economic growth through a return to the job market.”
Source: CIG News