Underemployment Rate Declined as Unemployment Rate Inched Up in Spring 2015
10/15/2015 // eso // (press release)
The underemployment rate among residents fell in Spring 2015 to 2.5 percent from 2.9 percent in Fall 2014. The underemployed, which numbered 948 persons, are those with part-time work and were available and seeking for more work.
However, the overall unemployment rate in the Cayman Islands was 5.6 percent in Spring 2015 as compared to 4.7 percent in Fall 2014.
“The number of unemployed residents reached 2,248,” explained the Minister for Finance and Economic Development, Hon. Marco Archer. “This is higher by 389 persons compared to Fall 2014, but majority of this increase comprised of Permanent Residents with rights to work, and Non-Caymanians,” he further noted.
“Notwithstanding an increase in unemployment, total employment expanded by 0.5 percent to 37,900, an indication that the local economy remains on the growth path,” Minister Archer also stated.
More information on “The Cayman Islands’ Labour Force Survey Report Spring 2015” are available at www.eso.ky