Premier Alden McLaughlin’s push for ‘full Caymanian employment’ doesn’t necessarily equate to an unemployment rate of zero.
The premier’s office told Cayman 27 the premier’s pledge was referring to an economist’s definition of full employment, which doesn’t mean zero percent unemployment.
Investopedia defines full employment as the highest amount of skilled and unskilled labor that can be employed within an economy at any given time, and says when economists talk about full employment, frictional, voluntary, and structural unemployment are excluded.
In the US, the Federal Reserve considers the full employment figure to be around 5 to 5.2%.
The latest statistics place the unemployment rate for Caymanians at 6.2%.
The premier’s office would not give a figure as to what full employment might mean for Cayman.