U.S. Virgin Islands
1 | P a g e U.S. Virgin Islands Economic Review Bureau of Economic Research July 2008 Current Economic Conditions Economic fundamentals have weaken under the weight from the weak US economy, high energy prices weigh noticeably on the consumers and businesses. Consumer spending is being squeezed as evident from the drop in gross business receipts for the past two consecutive quarters. The economic stimulus rebate checks were expected to boost consumer spending; however, the impact is being muted by the unrelenting increase in the cost of utility, gasoline, food and other basic necessities. The drop in consumer outlays, accompanied by a contraction in construction activity and private capital investment spending, aided in slowing economic activity in the third quarter. Employment growth moderated during the third quarter as payrolls expanded just 0.2 percent over the third quarter last year. Job gains were limited due to further declines in construction and other services employment. …
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