REPORT: ECONOMIC CONDITIONS
REPORT: ECONOMIC CONDITIONS US Virgin Islands Economic Conditions US Bureau of Economic Research US Virgin Islands Economic Review March 2010 Bureau of Economic Research 1050 Norre Gade No. 5 Charlotte Amalie St. Thomas, US Virgin Islands 00802 REPORT: ECONOMIC CONDITIONS US Virgin Islands Economic Conditions US Bureau of Economic Research Economic Review Following contraction in the major economic indicators in the latter part of 2008 and 2009, the first two quarters of fiscal year 2010 have shown indications that the US Virgin Islands economy may be at a turning point. Many of the Territory’s economic indicators, although still negative, have improved from lows posted last year. The Territory’s unemployment rate declined from 8.5 percent in the first quarter of fiscal year 2010 to 8.0 percent in the second quarter. Initial jobless claims have also been trending lower, which indicates the level of job loss is subsiding. The hiring of some 600 temporary workers for the decennial census positively impacted employment and was critical in the slowing of job losses. …
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