VIeWS

 

Virgin Islands Unemployment Rates

2014 VI Labor Force Estimates


Employment Situation: August 2014 [Historical Data]

The month of August 2013 saw a 13.4 percent increase in the unemployment rate.  Signals indicate a small growth factor in new jobs as well as changes in the seasonality of our job.market. The St. Thomas/John district, unemployment rates slightly increased to 12.3 percent, up( +0.7) based on the lowered number of unemployed and an increase by 178 from last month, where the total employment count for August  was in at (-489). St. Croix’s unemployment rate increased by 0.2 percent from July to 14.8 percent.

Over the year data, for the month of May indicates a minor decrease of -7.8 percent in the labor force count of 46,567 as compared to 50,495 in August 2013. This decline continues to show individuals disperse from the labor market, based on the decline in job demand compared to supply over the period. The employment count in St. Croix was decreased by -1710 which marked a -8.5 percent change from 20,157 in May 2013, to 18,447 in the current period. This change was a -34 decrease in the unemployed count of 3,125 for May 2014. The St. Thomas/John area employment increased by -8.0 to 22,041 compared to 23,961 in August of 2014. The unemployment count in this district increased by (+15.2) percent or 408 and ended at 3,084 in August 2013. The labor market continues to ride the waves of a volatile employment cycle, which to a large degree is influenced by global economic trends coupled with factors affecting the demand for labor.                                                                                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                                                       

Nonfarm Wage and Salary Employment: August 2014 [Employment Statistics]

Total nonfarm payroll employment in the Virgin Islands decreased by 489 over July to a level of 37,765. August declines reflected seasonal cutbacks in both the public and private sectors of the economy.

Government fell by 358 over the month, due to the phasing out of summer work programs. Within the private sector, trade, transportation, and utilities dropped by 60, with retail trade accounting for more than half of the loss. Leisure and hospitality also receded by 46 to 7,217, as a result of curtailments in tourist-related businesses. A slight drop in financial activities (-22) further contributed to the over-the-month reduction in this sector. Employment in other major industries, including construction, manufacturing, education and health services, other services, professional and business services, and information, showed little change in August.

In comparison with August 2013, nonfarm payroll employment declined by 131 to 37,765. Government was down by 225. Other services lost 106 jobs. The education and health services workforce was reduced by 67 and financial activities (-46) and information (-16) were also down. Only leisure and hospitality (+234), construction (+60) and professional and business services (+22) posted an over-the-year advance.
 
Note: Employment includes non agricultural wage and salary employment. Data has not been benchmarked. Labor force is comprised of persons 16 and older who show up in our unemployment insurance wage data working full time or part time and actively seeking employment through VIDOL. This data set is not comparable with labor force estimates developed as part of the national cooperative program. Virgin Islands estimates reflect the use of prescribed BLS methodology but are not adjusted to an independent estimate provided through the CPS (Current Population Survey).
Source: Virgin Islands Department of Labor unemployment insurance claims data and the current employment statistics monthly survey of establishments.
Prepared by: VIDOL Bureau of Labor Statistics.

 


 
 
 
 

 
 
 
 
 
 
 

Labor Force Estimates (Unadjusted) provides a comprehensive body of data on the: labor force, employment, unemployment. This data is produced on a monthly basis. The labor force is comprised of persons 16 and older who show up in our unemployment insurance wage data working full time or part time and actively seeking employment through VIDOL. This data set is not comparable with labor force estimates developed as part of the national cooperative program. Virgin Islands estimates reflect the use of prescribed BLS methodology but are not adjusted to an independent estimate provided through the CPS (Current Population Survey).Source: Virgin Islands Department of Labor unemployment insurance claims data and the current employment statistics monthly survey of establishments.