Economy

Unemployment Territory-Wide At 9.5 Percent. It Was 18 Percent After Hurricanes Irma And Maria, Labor Officials Say.

One of the main indicators of an economy's health is its unemployment rate. Since the former HOVENSA refinery shuttered in 2012, the U.S. Virgin Islands has struggled with double digit unemployment on a territorial level. But during a budget hearing in the Committee on Finance held at the Legislature in St. Thomas on Thursday, Department of Labor (D.O.L.) officials told lawmakers that the number of unemployed Virgin Islanders looking for jobs had dropped to 9.5 percent, which is still high but lower than the 11 percent Labor officials said it stood at before Hurricanes Irma and Maria, and much lower than the 18 percent it peaked at following the 2017 storms. D.O.L. Director of Labor Statistics, Gary Haylard, told lawmakers that the number of Virgin Islanders seeking employment fluctuates based on the positions available. He said the more positions that are available, the more individuals who apply. However, fewer people seek contractual job opportunities, Mr. Haylard made known. G...