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‘Full employment’ doesn’t equate to 0% unemployment, says Premier’s office

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.

About the author

Joe Avary

Joe Avary

Joe Avary has been with Cayman 27 since 2014. He brings 20 years in television experience to the job, working hard every day to bring the people of Cayman stories that inform the public and make a difference in the community. Joe hopes his love for the Cayman Islands shines through in his informative and entertaining weather reports. If you have a story idea for Joe or just want to say hello, call him at 324-2141 or send an email to josephavary@hurleysmedia.ky

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