Finance Minister Marco Archer told Cayman 27 the country’s unemployment picture, while still not rosy for those out of work, is trending in the right direction.
New figures from the Economics and Statistics Office show Caymanian unemployment dropping from nearly eight percent to 6.2 percent.
The overall rate slid from 4.6% to 4.2%.
Minister Archer said the current figures, contrasted with 2013’s jobless rate of 9.4% for Caymanians, shows government’s efforts to address the issue are paying off, but added that it’s not yet time for celebration.
“By no means do we believe our work is finished just because the unemployment rate has declined significantly. Three years ago it was 9.4% amongst Caymanians, now it’s down to 6.2%. So we know our work is nowhere near finished,” said Mr. Archer.
Mr. Archer said it’s possible this year’s April labour force survey will show an uptick in unemployment due to seasonal fluctuations in the tourism industry.