Unemployment Rate for the first six months of 2024 is 2.8%

Labour market estimates from the Labour Force Survey (LFS) Spring 2024 show the unemployment rate (the proportion of unemployed persons to the total labour force) at 2.8%.

The total labour force increased by 6.9% to reach 62,743. The employed labour force was estimated at 61,003, an increase of 6.5% compared to Spring 2023. The number of unemployed persons was estimated at 1,740.

The number of employed Caymanians was estimated at 22,181, reflecting an increase of 2.6% compared to Spring 2023. The number of unemployed Caymanians increased by 301 to 1,142 persons in Spring 2024, resulting in an unemployment rate of 4.9%, higher than the 3.7% in Spring 2023.

The LFS Report also presents the population estimate of the Islands as of June 2024 – this grew by 5.0% above the Spring 2023 figure to reach 87,866 in Spring 2024 (Note: relative to December 2023, the population was 84,738). The Caymanian population rose by 2.5% to 39,897. The Permanent Resident population reached 7,822 persons compared to 6,433 persons for Spring 2023. The Non-Caymanian population is estimated at 40,147, an increase of 4.8% relative to the estimated population as of Spring 2023.

More information on “The Cayman Islands’ Labour Force Survey Spring 2024 Report” are available at www.eso.ky.