Unemployment Rate for the last six months of 2024 is 2.4%

Labour market estimates from the Labour Force Survey (LFS) Fall 2024 show the unemployment rate (the proportion of unemployed persons to the total labour force) at 2.4%.

The total labour force increased by 0.5% to reach 60,828. The employed labour force was estimated at 59,393, an increase of 1.5% compared to Fall 2023. The number of unemployed persons was estimated at 1,435.

The number of employed Caymanians was estimated at 21,487, reflecting a decline of 0.3% compared to Fall 2023. The number of unemployed Caymanians decreased by 8.3% to 1,048 persons in Fall 2024, resulting in an unemployment rate of 4.6%, lower than the 5.0% in Fall 2023.

The LFS Report also presents the population estimate of the Islands as of December 2024 – this grew by 4.8.% above the Fall 2023 figure to reach 88,833 in Fall 2024. The Caymanian population rose by 4.0% to 40,633. The Permanent Resident population reached 8,184 persons compared to 7,690 persons for Fall 2023. The Non-Caymanian population is estimated at 40,016, an increase of 5.4% relative to the estimated population as of Fall 2023.

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