Unemployment Down

Friday, March 26, 2004

Unemployment has declined significantly in the Cayman Islands, according to the results of the annual Labour Force Survey that were released this week.

The survey, conducted in October of last year by the Economics and Statistics Office (ESO), also showed a steady increase in the number of Caymanians employed in the country compared with the same period last year.

The ESO reported that 29,905 people were in the labour force, with 28,827 actually employed. This has resulted in an unemployment rate of 3.6 percent, which shows an improvement on last year's rate of 5.4 percent and a steady decrease from the rate of 7.5 percent recorded in 2001. 

With the exception of full-time students, all Cayman residents, age 15 and older, who were employed or actively seeking work, were included in the survey.

Results of the survey showed female workers making up a slight majority of the workforce with just below 52 percent of Cayman's jobs occupied by women. 

The survey indicated that the total number of Caymanians employed was 13,973, or roughly 48.5 percent of the total of the labour force. This number has increased steadily from 2001 when 11,844 employed Caymanians were recorded.

The unemployment rate for Caymanians was 5.8 percent, an improvement from 2002 when the unemployment rate for Caymanians was 7.5 percent. For non-Caymanians, the unemployment rate was lower, at 1.5 percent, since this group of workers is normally required to be employed while residing on the Islands. 

The ESO also released an estimated population of the Islands of 44,144, which is an increase from the 2002 estimate of 43,004.

Complete details of the labour force survey, are available on www.gov.ky  or by contacting the ESO at 949-0940.

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