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The Unemployment Rate for Second-Half of 2023 is 3.3%

The Unemployment Rate for Second-Half of 2023 is 3.3%

Labour market estimates from the Labour Force Survey (LFS) Fall 2023 Report show the unemployment rate (the proportion of unemployed persons to the total labour force) at 3.3%.

The total labour force increased by 5.1% to reach 60,513 persons. The employed labour force was estimated at 58,504 persons, an increase of 3.8% compared to October 2022. The number of unemployed persons was estimated at 2,008.

Employed Caymanians were estimated at 21,563, reflecting an increase of 2.2% when compared to Fall 2022. The number of unemployed Caymanians rose by 347 persons to 1,143 persons in October 2023, resulting in an unemployment rate (among Caymanians) of 5.0%.

The LFS Report also presents the population estimate of the Islands as of December 2023 – this increased by 3.9% from year-end 2022 to reach 84,738. The Caymanian population rose by 0.9% to 39,068. The PR population reached 7,690 persons as compared to 6,629 persons in October 2022. The Non-Caymanian population is estimated at 37,980, an increase of 4.9% relative to the 2022 population estimate.

More information on “The Cayman Islands’ Labour Force Survey Fall 2023 Report” is available at www.eso.ky