U.S. Virgin Islands Records Net Employment Decline in Late 2023

From September 2023 to December 2023, gross job losses from closing and contracting private-sector establishments in the U.S. Virgin Islands totaled 1,453, while gross job gains from opening and expanding private-sector establishments reached 1,442, the U.S. Bureau of Labor Statistics (BLS) announced Thursday. The report highlights a net employment loss of 11 jobs in the private sector during the fourth quarter of 2023. In the previous quarter, gross job gains had exceeded gross job losses by 254. In the fourth quarter of 2023, gross job gains represented 5.7 percent of private-sector employment in the U.S. Virgin Islands, compared to 5.9 percent in the United States. Gross job gains, which include increases in employment due to expansions at existing establishments and new jobs at opening establishments, totaled 1,206 at expanding establishments in the U.S. Virgin Islands, marking a decrease of 204 jobs compared to the previous quarter. Opening establishments accounted for 236 jobs ...