The 2018 Fall labour force survey puts Cayman’s overall employment rate at less than three per cent, the lowest it’s been in more than a decade. The last time it was this low, was before the 2008 global depression.
For CML Nova CEO Steve McIntosh the Economic and Statistics Office’s new unemployment numbers make for a good read.
“It’s always an exciting time for economics geeks like me when the labour force survey comes out,” said Mr. McIntosh.
The report reveals that overall unemployment fell to 2.8%. Caymanian unemployment also dipped and now sits at 4.6%.
Mr. McIntosh said, “The only numbers that I am really interested in is the unemployment rate among Caymanians because that’s the one that matters.”
And he is not alone, Stepping Stones Recruitment Manager Rosie Dunsford has also been pouring over the numbers. She said the figures match up with what she seeing at her agency.
She tells Cayman 27, “We probably had about a 51% Caymanian placement rate in 2017. As of today 2019, we are on a 63 per-cent ratio. So you can see there is a really steady increase.”
Mr. McIntosh attributes these low numbers to what he called Cayman’s thriving economy.
“The economic growth creates a high demand for labour, and that brings down the unemployment rate and it also creates demand for overseas labour to fill the gaps,” he said.
In order to keep the numbers low, Ms. Dunsford said the country needs to maintain economic growth, and continue to educate the Caymanian labour force about the many job opportunities outside of the financial and legal services. The 4.6 percent of unemployed Caymanians translates to some 1,291 people.